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News Summary: US pending home sales rise 4.5 pct.

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The Associated Press | February 27, 2013 01:12 PM EST | AP


MORE CONTRACTS: A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 1/2 years. The National Association of Realtors said its seasonally adjusted index for pending home sales rose 4.5 percent.

MORE SALES: There is generally a one- to two-month lag between a signed contract and a completed sale. The increase points to more sales in the coming months.

SOLID RECOVERY: Housing is steadily recovering after a deep, six-year slump. New-home sales jumped last month and home prices are rising steadily, two reports Tuesday showed.