Pending Home Sales Grew 1.6% in February

Pending home sales increased 1.6% in February to a level of 75.6 on the National Association of Realtors Pending Home Sales Index.

Compared with February 2023, however, pending home sales were down 7.0%.

“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” NAR Chief Economist Lawrence Yun said in a statement. “Ongoing job gains are clearly increasing demand along with more inventory.”

Regionally, pending home sales fell 0.3% in the Northeast and 6.5% in the West. Pending home sales increased 1.1% in the South and 10.6% in the Midwest.

The full NAR report can be found at this link.