The number of homes with sales pending reached its highest level in three years in October, as Americans took advantage of a government-financed credit for first-time home buyers.

The National Association of Realtors said Tuesday that its pending home sales index rose 3.7% in October, the ninth month of gains and a 32% increase over the previous year, when the economy was reeling from the financial crisis. Analysts had predicted a 1% decline in sales.

New York Times