The National Association of Realtors reported on April 5 that the Pending Home Sales Index — a leading indicator of the housing sector based on pending sales of existing homes — rose 8.2% to 97.6. That’s up from January’s figure of 90.2, and up 17.3% from the figure of 83.2 from February 2009.

The Pending Home Sales Index reflects contracts that have been signed; it does not reflect the transactions that have been closed. Closings usually occur one to two months after the contract has been signed.

The increase in pending home sales for February was higher than expected. Despite the snowstorms that ravaged much of the nation that month, the housing market saw a surge in applications. With the federal tax credit about to sunset at the end of the month, homebuyers are scrambling to meet the deadline.

How long the recovery of the housing market will last remains to be seen. Since the Federal Reserve ended its $1.2 trillion program to purchase mortgage-backed securities on March 31, interest rates on fixed-rate and adjustable-rate mortgages have risen above 5%, raising concerns on how that will impact the housing market.