Pending Home Sales Continue Rebound
Pending home sales increased by 8.2 percent in February and were 17.3 percent above the same month a year ago, according to the National Association of Realtors.
The association's Pending Home Sales Index is based on contracts signed in February and hit 97.6 during the month. The index hit 90.2 in January.
In February 2009, the index registered a score of 83.2
The association said the increase in activity may signal a coming surge in home sales. It could also indicate that home prices are bottoming out.
In the Northeast, the index increased by 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009. However, the region's index score is by far the lowest in the country.
In the Midwest, the index jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago. Pending home sales in the South increased 9.2 percent to an index score of 107.0, and the index is 17.5 percent higher than February 2009. In the West, the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
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