Mar
29
Pending Sales of Existing Homes in U.S. Rise Most Since 2010
ByContracts to buy previously owned U.S. homes jumped in February by the most since July 2010, according to figures released Wednesday by the National Association of Realtors in Washington.
Key Points
- Pending home sales index rose 5.5 percent (forecast was for 2.5 percent increase) after declining 2.8 percent the prior month
- Index fell 2.4 percent from February 2016 on an unadjusted basis
- Pending sales increased in increased in all four U.S regions month-to-month
Big Picture
The increase shows the housing market was gathering momentum as warmer weather in February helped bring forward the start of the busy spring sales season. Buyers also hastened their entry into the market amid expectations of higher borrowing costs. While strong job creation and rising stock values remain supportive for residential sales, lean inventories are keeping asking prices elevated…
Pending Sales of Existing Homes in U.S. Rise Most Since 2010
