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US Pending Home Sales Index Rises 0.8% in February, Year-on-Year Index Falls 21.1%

The National Association of Realtors (NAR) has reported that the pending home sales index in the United States rose 0.8% in February. This comes after a surge of 8.1% in January, signaling a continued recovery in the country’s housing market.

However, the year-on-year index fell 21.1% in February.

The pending home sales index measures the number of second-hand home purchase contracts that have been signed but have not yet closed the sale. It is considered a leading indicator of the housing market’s health, as it takes about 1-2 months from contract signing until close of sale.

The report also highlights some regional variations in the housing market. The Northeast and South saw increases in pending home sales, while the Midwest and West experienced declines.

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