Second Best Month in 11 Years for Pending Home Sales

Posted To: MND NewsWire

Pending home sales in February surprised everyone with an unexpected jump of 5.5 percent . The National Association of Realtors® said its Pending Home Sales Index, which is a leading indicator based on signed home purchase contracts, rose to 112.3 in February from 106.4 in January. The reading is 2.6 percent above a year earlier, and surpassed index readings for every month since May 2006 with the exception of last April. Lackluster pending home sales in recent months have worried the housing industry , indicating that the spring market might be less successful than hoped. Analysts had expected pending sales to recover from their 2.8 percent downturn in January, but they undershot the market in their estimates for February. Those polled by Econoday had been looking for an increase ranging…(read more)

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Source: Mortgage News Daily

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