Pending home sales ticked up 2.4% month-over-month in February, and increased 9.4% compared with February 2019, according to the National Association of Realtors (NAR).
The growth showed a healthy housing market prior to the coronavirus-induced shutdowns across the country, according to NAR, which noted the February data does not show the impact of the pandemic.
“Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year,” NAR Chief Economist Lawrence Yun stated.
Pending home sales increased in all regions during February, growing by 2.8% in the Northeast, 4.5% in the Midwest, 0.1% in the South and 4.6% in the West.
