Pending Home Sales Spring Back in February

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Posted To: MND NewsWire

While it didn’t serve to completely recoup the 4.7 percent loss in January, pending home sales did snap back strongly in February . The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 107.5 from a revised 104.3 (from 104.6) in January, an increase of 3.1 percent. Even with the February rebound, the PHSI lagged February 2017’s index by 4.1 percent. It should be noted, however, that last February’s reading of 112.1 was the second highest since May 2006 (112.5). Analysts polled by Econoday made a near direct hit on the month’s results with a consensus of a 3.0 percent increase. That consensus was obtained however from an unusually wide range of estimates, from 0.5 to 6.0 percent. The PHSI is a forward-looking indicator derived from contracts for existing…(read more)

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