Pending home sales rose 3.4% in March, much more than the 0.4% economists had been expecting. According to the National Association of Realtors, sales in the Midwest fell month-over-month, while they rose elsewhere. In the release, NAR Chief Economist Lawrence Yun says "Meaningful gains will only occur with declining mortgage rates and rising inventory."

Yahoo Finance's Seana Smith and Brad Smith report the breaking data.

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This post was written by Stephanie Mikulich.