February Pending Home Sales Rise

February Pending Home Sales Rise
Pending home sales increased in February, according to the National Association of REALTORS®.  Pending home sales rose 2.1 percent  in February based on contracts signed in February.

Lawrence Yun, NAR chief economist, says “Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance,” he said. “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit.”

Pending home sales in the South increased 2.7 percent.  “We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines,” Yun said.

Source: NAR

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