NAR released a summary of pending home sales data showing that February’s pending home sales pace rose 2.4% last month and increased 9.4% 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 gains from a year ago two of the regions having double-digit gains. The Midwest had the biggest incline sales of 14.9% followed by the West with an increase of 10.8%. The South had a gain of 7.1% while the Northeast had the smallest incline of 5.9%.
From last month, all four regions showed increases in contract signings. The West had the biggest increase of 4.6% followed by the Midwest with a gain of 4.5%. The Northeast had an incline of 2.8% followed by the South with the smallest rise in signings of 0.1%.
The U.S. pending home sales index level for the month was 111.5.
February’s increase brings the pending index above the 100 level mark for the fifteenth consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing-home sales above the 5 million mark.