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The stock market's rise and the expectation that interest rates would rise was spurring "significant interest" in homebuying
A shortage of listings contributed to a decline in pending home sales in January.
The series serves as a forward indicator of future sales since it measures contract signings for single-family homes, condos, and co-ops.
Pending homes sales are expected to increase by 1.1% month over month.
Pending home sales November 2016
Pending home sales are expected to tick up 0.2%.
Pending home sales increased by 1.5% from the month before despite "painfully low levels of housing inventory" according to the National Association of Realtors
Because pending sales reflect contract activity, they're a good forward-looking indicator of how many existing homes will eventually be sold.
Last month's report showed that prospective buyers were limited by the scarce number of homes at affordable prices.
A limited selection of homes at bargain prices is reducing the number of individual investors willing or able to buy.