The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Wednesday. Pending home sales in the U.S. rose 1.1% in March, after a 3.6% gain in February. February's figure was revised up from a 3.1% rise.

The NAR's chief economist Lawrence Yun said that the activity this year was driven by more long-term homeowners.

"Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year," he noted.