Pending Home Sales rose 1.6% from January to February per the National Association of REALTORS® (NAR), which is another sign of underlying strength in the housing market given February’s uptick in rates. This report measures signed contracts on existing homes, making it an important forward-looking indicator for closings on these homes, which are measured in the Existing Home Sales report.
What’s the bottom line? NAR’s Chief Economist, Lawrence Yun, noted that the modest sales growth “shows slow and steady progress from the lows of late last year.” He added that a “steady rise in inventory” is also expected this year, which is good news for buyers as we approach the busy spring season.