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Pending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS\u00ae reported Wednesday. All major regions saw an uptick in sales contracts last month.<\/p>\n
\nSales Contracts By Region<\/strong><\/p>\n
Here\u2019s how pending home sales fared across the country in February:<\/p>\n
\n
- Northeast:<\/strong> Pending home sales increased 3.4 percent to a reading of 102.1 on NAR\u2019s Pending Home Sales Index. Pending home sales are now 6.6 percent higher than a year ago.<\/li>\n
- Midwest: <\/strong>Pending home sales rose 11.4 percent to a reading of 110.8. Contract signings, however, remain 0.6 percent lower than a year ago.<\/li>\n
- South: <\/strong>Pending home sales increased 4.3 percent to an index reading of 127.8. Contract signings are now 4.2 percent above February 2016.<\/li>\n
- West:<\/strong> Pending home sales rose 3.1 percent last month to an index reading of 97.5. Pending home sales are just 0.2 percent higher than a year ago.<\/li>\n<\/ul>\n
Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n
NAR\u2019s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.5 percent month over month to an 112.3 reading in February. The index is now 2.6 percent higher than a year ago and is at the highest level since last April (113.6) and the second highest since May 2006 (112.5).<\/p>\n
\u201cBuyers came back in force last month as a modest, seasonal uptick in listings<\/a> were enough to fuel an increase in contract signings throughout the country,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cThe stock market\u2019s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.\u201d<\/p>\n
Further, the warmer-than-usual weather across the country may have helped give an earlier start to the spring buying season. Yun notes that last month was the warmest February in decades, which may have also \u201cplayed a role in kick-starting prospective buyers\u2019 house hunt.\u201d<\/p>\n
Yun expects activity to fluctuate over the spring season, however, as the lack of supply continues to limit the number of homes sold, particularly in the lower and mid-market price ranges.<\/p>\n
\u201cThe homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy,\u201d Yun says. \u201cThe country\u2019s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation\u2019s low homeownership rate.\u201d\u00a0\u00a0\u00a0<\/p>\n
Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n
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