The National Association of Realtors Pending Home Sales Index rose 3.1 percent from a revised 103.7 in January to 106.9 in February.  The index, for which 100 denotes an average level of activity, is at its highest level since June 2013 (at which point it measured 109.4) and is currently 12.0 percent higher than at the same time last year,

The Pending Home Sales index for the West rose 6.6 percent in February to 102.1, up 18.3 percent versus February 2014.

And despite the ongoing narrative that home sales have been held back by a lack of inventory, while pending home sales are running 12 percent higher, the number of homes listed for sale across the country was 10.9 percent lower in February as compared to the February before.

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