The latest data from the National Association of Realtors revealed that the US pending home sales index rose by 1.5% over the past two months to 110 on higher demand in the western and southern regions.

Year-on-year, the index rose 2.4% from the same period in 2015, and the monthly reading exceeded analysts' expectations of an 1% rise. In the details of the data, pending home sales last month rose by 1.6% in the Northeast, 1.9% in the South, 4.7% in the West, and 0.2% in the Midwest.

Pending home sales last month rose by 1.6% in the Northeast, 1.9% in the South, and 4.7% in the West.