WASHINGTON — A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 ½ years. The increase suggests sales of previously occupied homes will continue rising in the coming months.

The National Association of Realtors said Wednesday that its seasonally adjusted index for pending home sales rose 4.5 percent last month to 105.9. That's the highest since April 2010, when a homebuyer's tax credit was about to expire.

There is generally a one- to two-month lag between a signed contract and a completed sale.

Pending home sales rose in all regions, but just barely ticked up in the West, where a limited supply of available homes is holding back sales.

The increase is the latest positive report for the housing market, which began recovering last year after a deep, six-year slump.

WASHINGTON — Jacob Lew is scheduled to be sworn in today as Treasury secretary and will have to hit the ground running.He is taking over the job just a day before huge automatic government spending cuts are set to take effect. He's likely to be involved with any negotiations to reverse the cuts, and also in budget talks next month to continue funding the government.The Senate confirmed Lew late Wednesday, affirming President Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over spending.