WASHINGTON (MarketWatch) -- The housing market improved in March, a trade group said Monday. The pending home sales index rose 3.2% compared with February and was up 1.1% compared with a year earlier, the National Association of Realtors reported. The pending home sales index is based on sales contracts signed on existing homes. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit," said Lawrence Yun, chief economist for the real estate group. Sales typically close within six weeks of a signing. At that point, they are included in the existing-home sales report.
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