David Ryder/Bloomberg News
Pending home sales rose 3.4%, the most since May 2011 and the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported, the National Association of Realtors said April 28.
The median projection in a Bloomberg News survey of economists called for a 1% increase. The gauge is 7.4% below a year earlier.
Estimates in the Bloomberg survey of 35 economists ranged from a 2% percent decline to a 7% increase after a previously reported 0.8% drop in February.
Purchase contracts fell from the year prior after a 10% decrease in the 12 months that ended in February on an unadjusted basis.
Existing-home sales are projected to total just over 4.9 million this year, less than the 5.1 million in 2013, the trade group said.