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. increased 1.4% in March, exceeding expectations for a 0.5% gain, after a 3.4% rise in February. February's figure was revised down from a 3.5% gain.

The increase was mainly lead by rises in almost all regions. Only pending home sales in the West region declined in March.

"Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March," the NAR's chief economist Lawrence Yun said.

"This spring's surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth," he added.