By Ruth Mantell
 WASHINGTON (MarketWatch) — Pending sales of homes rose 1.5% in March, reversing February’s decline, the National Association of Realtors reported Monday. The pending-home-sales index increased to 105.7 in March from 104.1 in February, and was up 7% from March 2012. “Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” said Lawrence Yun, NAR’s chief economist. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses.” By region, March saw pending home sales rise 2.7% in the South, 1.5% in the West, and 0.3% in the Midwest. There was no change in the Northeast. On Monday, NAR revised U.S. pending home sales for February to a decline of 1% from a prior estimate of a 0.4% slip. A sale is listed as pending when the contract has been signed but the transaction has not closed. Typically, sales are finalized within two months of signing.
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