The National Association of Realtors is reporting that pending home sales were up 1.8% in February and down 0.8% year over year. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 72.1 in February. They say improved affordability conditions may have driven the slight gain:
“The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates…” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the NAR.
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