Pending home sales warmed in February

RISMedia

Pending home sales warmed in February to their highest level in almost a year, rallying 5.5 percent in the National Association of REALTORS® (NAR) recently released Pending Home Sales Index (PHSI). The PHSI posted 112.3 in February, up from 106.4 in January—the second-highest reading since May 2006, at 112.5. The Index is based on contract signings.

According to Lawrence Yun, chief economist at NAR, the rebound is due to a combination of factors, including economic gains, rising rates and unseasonable temperatures.

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