As reported by MSN Money, the NAR (National Association of Realtors) reported that its March pending-home-sales index rose to its highest level in nearly two years, and it also revised its estimate of pending home sales in February.

The pending-home-sales index rose 4.1% in March after February's revised gain of 0.4%.

Economists had expected a 1% increase for March. The NAR originally reported that its index fell 0.5% in February. To find a better number without policy assistance you have to look back to April 2007, noted Ian Shepherdson, chief U.S. economist at High-Frequency Economics.

Low interest rates have helped propel home sales in a sluggish economy. The Federal Reserve said Wednesday it will keep its overnight lending rate near zero while the economy remains sluggish, potentially until late 2014.

How long will interest rates stay this low? No one know. But with unit sales levels increasing, and supply at historic lows as well, one has to stop and ask: Is now THE time to buy a home? BEFORE rates go up? BEFORE prices go up? Before a homebuying opportunity of a lifetime passes by?