The number of new sales contracts on existing homes rose a seasonally adjusted 2.1% in February amid improved affordability and stimulus incentives, a real estate trade group said Wednesday. The index was down 1.4% from a year earlier, the National Association of Realtors said. "Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we'll see additional sales gains," said Lawrence Yun, NAR's chief economist, in a statement. February's pending sales rose in the Midwest by 14.5%, by 10.6% in the Northeast, and by 4.4% in the South. In the West, pending sales fell 13.5%. The index is based on signed sales contracts, which usually occur a month or two before the sale is closed, when sales are reported in the NAR's existing-home sales report.

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