February Numbers Show Pending Home Sales Index Rebounds
Posted by Tamborrel Bulox Team on
Pending home sales increased 8.2% on a monthly basis in February to an index reading of 97.6, according to data released Monday by the National Association of Realtors.
Measuring contracts signed for purchases of existing homes, this indicator represents one of the positive housing statistics published in recent weeks: construction spending, builder confidence, housing starts, and both new and existing home sales have all showed weakness.
Particularly given the April 30 deadline for qualifying for the tax credit by signing a home-purchase contract, today's NAR numbers suggest that spring could bring a temporary bounce to the housing market.
"The rise in buyer contact activity may signal the early stages of a second surge of home sales this…
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