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Today, the National Association of Realtors (NAR) released its pending home sales report for March. It showed that pending home sales improved with the seasonally adjusted national index, climbing 1.5% from February and increasing 7.0% above the level seen in March 2012.

Meanwhile, NARs Chief Economist Lawrence Yun is beginning to adopt the "narrow range" sentiment of years past as limited supply works to mute sales activity:

Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. ... Job additions and rising household wealth will continue to support housing demand.

The following chart shows the seasonally adjusted national pending home sales index, along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005.

Source: Pending Home Sales: March 2013