The National Association of Realtors is reporting that overall pending home sales increased 1% in February. The four major regions of the country were split; the South and West saw a bump in contract activity and the Northeast and Midwest reported slight declines. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 101.9 in February. In addition, they reported that year-over-year contract signings declined 4.9%, marking the fourteenth straight month of annual decreases.
“In January, pending contracts were up close to 5 percent, so this month’s 1 percent drop is not a significant concern…As a whole, these numbers indicate that a cyclical low in sales is in the past but activity is not matching the frenzied pace of last spring.” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.
