February 2018 Pending Home Sales up 3.1%

  • NAR released a summary of pending home sales data showing that February’s pending home sales pace was up 3.1 percent last month and down 4.1 percent from a year ago.
  • Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
  • All four regions showed declines from a year ago. The Midwest had the biggest drop in sales of 9.5 percent. The Northeast had a drop of 5.1 percent. The West declined 2.2 percent followed by the South that had a dip of 1.5 percent.
  • From last month, all four regions showed inclines in sales. The West had a gain of 0.4 percent followed by the Midwest with an incline of 0.7 percent. The South improved of 3.0 percent followed by the Northeast with the biggest incline of 10.3 percent.
  • The U.S. pending home sales index level for the month was 107.5. January’s data was revised down slightly to 104.3.

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