The National
Association of Realtors (NAR) reported on Thursday its seasonally adjusted
pending home sales index (PHSI) rose by 1.6 per cent m-o-m to 75.6 in February,
following an upwardly revised 4.7 per cent m-o-m plunge (from -4.9 per cent
m-o-m) in January.
Economists had forecast
pending home sales to increase 1.5 per cent m-o-m in February.
On a y-o-y basis,
the index plummeted 7.0 per cent after an upwardly revised 8.7 per cent tumble
(from -8.8 per cent) in January.
According to
the report, pending home sales operations soared in the Midwest (+10.6 per cent
m-o-m) and South (+1.1 per cent m-o-m) but declined in the West (-6.5 per cent
m-o-m) and Northeast (-0.3 per cent m-o-m). Compared to February 2023, all four
U.S. regions posted decreases, led by the Northeast (-9.0 per cent y-o-y).
Commenting on
the latest report, Lawrence Yun, NAR’s chief economist, said that the February modest
sales growth points to slow and steady progress from the lows of late last year.
"Ongoing job gains are clearly increasing demand along with more
inventory," he added.