February Pending Home Sales Reach Second-Highest Level in 10 Years

The Pending Home Sales Index in February was 112.3, a 5.5 percent increase from 106.4 in January and a 2.6 percent increase from 109.5 in February 2016, according to the National Association of Realtors.

February’s PHSI is the highest since April 2016’s 113.6 and the second highest since May 2006’s 112.5, according to the NAR.

“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” said Lawrence Yun, NAR chief economist, in a statement. “The stock market’s 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.”

The PHSI in the Northeast rose 3.4 percent to 102.1 in February. In the Midwest, the index jumped 11.4 percent to 110.8. The PHSI in the South grew 4.3 percent to 127.8, and the index in the West increased 3.1 percent to 97.5.