The Pending Home Sales Index, based on contracts signed in March, eased 1.2 percent to a level of 116.2 from an index of 117.6 in February, and is six percent below March 2005.

The index is derived from pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed; pending sales typically are finalized within a month or two of signing.

An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.

?EUR??,,????'??Home sales rebounded from the slide that started last fall, but the pending sales data is showing a dampening effect from rising mortgage interest rates that have been trending up since January,?EUR??,,????'?? David Lereah, NAR?EUR??,,????'???s chief economist, said. ?EUR??,,????'??This means a modest slowing can be expected in the sales pace in the months ahead, although the market will hold at historically strong levels.?EUR??,,????'??