Pending home sales measure contract signings, not closings, and are a good indicator of future sales. In January, the National Association of Realtors’ Pending Home Sales Index reached its highest level since April 2010. The index was up 2.0 percent from December and 8.0 percent over the year before. Lawrence Yun, NAR’s chief economist, said the report offers hope of a healthy spring homebuying season. According to Yun, the upward trend implies home sales will see further gains this year and declining inventory could also mean broader price stabilization and growth. In January, the index was higher than anytime since the expiration of the homebuyer tax credit. More here.