NAR released a summary of pending home sales data showing that February’s pending home sales index is up 3.1% from last month and improved 12.0% from a year ago which is a good start for the spring months.
Pending sales are homes that have a signed contract on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
February’s data shows a sixth consecutive month of year over year gains.
Regionally, the West saw the biggest gain from a year ago at 18.3% while the Northeast had the smallest gain at 4.1%.
From last month only two regions had an increase; the Midwest had the largest gain at 11.6% while the Northeast had the biggest decline in pending sales at 2.3%. The pending home sales index level was 106.9 for the US. A level of 100 is consistent with the existing home sales figures around the 5 million level in a healthy housing market.