Pending home sales near three-year high

More homebuyers signed contracts to buy last month than any time since April 2010, according to the National Association of Realtors. And, not counting tax credit-induced spikes, pending home sales last month were the highest in six years.

Pending sales of existing homes, or contracts signed but sales not yet closed, rose 4.5 percent from December and were up 9.5 percent from a year ago.

"Favorable market conditions and job growth have unleashed a pent-up demand," said NAR Chief Economist Lawrence…