Overall pending home sales rose 2.1 percent in February, though the Northeast saw a 10.9 percent drop in signed contracts probably due to severe weather in the region, the National Association of Realtors reported today.
The indicator rose to 90.8 in February from 88.9 in January, but is 8.2 percent below 98.9 recorded in February 2010.
“Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines,” said Lawrence Yun, chief economist for NAR. “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.”
Pending home sales declined 2.8 percent in January, the National Association of Realtors reported today.