U.S. pending home sales hit seven-month high in February

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The National Association of Realtors said its pending home sales index rose 3.5 percent to 109.1 last month, the highest level in seven months. January's reading was revised to show a 3.0 percent decline, which was deeper than initially reported.

Economists polled by Reuters had forecast contracts rising 1.2 percent last month.

Pending home contracts become sales after a month or two. Contracts were up 0.7 percent from a year ago.

(Reporting by Jason Lange; Editing by Paul Simao)