More Americans signed contracts to buy homes in March than economists expected, according to private data released on Monday, bolstering hopes that low mortgage rates and cheap prices could be helping to stabilise the housing market.
The number of people signing contracts to buy existing homes rose 3.2 per cent in March from the previous month, according to an index produced by the National Association of Realtors, and was up 1.1 per cent from the same period last year. Economists expected the index to be flat, and the surprise rise boosted the shares of house-building companies.
