The National Association of Realtors Pending Home Sales Index ticked up to 108.6 in March, up 1.1 percent from an upwardly revised 107.4 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 11.1 percent higher than at the same time last year.

The Pending Home Sales index for the West rose 1.7 percent from February to March and now measures 103.7, up 15.6 percent versus March 2014.

And despite an ongoing narrative that home sales have been held back by a lack of inventory, while pending sales are running 11 percent higher, the inventory of homes listed for sale across the country was 14.3 percent lower in March as compared to the March before.

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