The numbers: An index of pending-home sales surged 3.8% in March, the National Association of Realtors said Tuesday. Economists surveyed by Econoday had forecast a 0.7% monthly increase.

What happened: The pending-home sales index, which tracks home-contract signings, has been volatile over the past few months, but the trend for housing has generally been down. March marked the 15th straight month of yearly declines for the pending sales index, which fell 1.2% over the last 12 months.