Contracts to purchase previously owned homes eased by half a point in February on a sequential basis, but rose 9% compared to the same month last year, according to new figures released by the National Association of Realtors.
Sales contracts fell in three of the four geographic regions, but jumped by almost 7% in the Midwest.
NAR derives its 'Pending Home Sales' index based on contract signings during a given month. The data reflects contracts but not actual loan closings.
NAR chief economist Larry Yun said the new figures reflect an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years.”
