NAR released a summary of pending home sales data showing that February pending home sales rose modestly 1.8% from last month and decreased 0.8% from a year ago.
Pending sales represent homes that have a signed contract to purchase, but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.
Two of the four regions showed increases in sales from a year ago. The West region saw a 3.2% gain, followed by the South at 1.2%. The Northeast experienced the largest decline, 12.1%, followed by the Midwest, which decreased by 0.1%.
From last month, three of the four regions showed an increase in contract signings. The Midwest region experienced the largest gain, 4.6%, followed by the South, at 2.7%. The West region had a modest 0.9% increase.
The U.S. pending home sales index level for the month of February was 72.1.
February’s contract signings bring the pending index below the 100-level mark for the 47th consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with existing home sales above the 5 million mark.
