NAR launched a abstract of pending residence gross sales knowledge displaying that February’s pending residence gross sales tempo rose modestly 0.8% final month however fell 21.1% from a yr in the past.
Pending gross sales characterize houses with a signed contract to buy them however have but to shut. They have a tendency to steer existing-home gross sales knowledge by 1 to 2 months.
All the 4 areas confirmed double-digit declines from a yr in the past. The West had the most important dip of 28.4%, adopted by the South with a drop in contract signings of 21.7%. The Northeast fell 17.0%, adopted by the Midwest, with the smallest decline of 16.5%.
From final month, three of the 4 areas confirmed will increase in contract signings. The West area had the one decline of two.4%. The Northeast had the most important acquire of 6.5%, adopted by the South, with a rise of 0.7%. The Midwest had the smallest incline of 0.4%.
The U.S. pending residence gross sales index stage for the month of February was 83.2. January’s pending gross sales figures had been revised to 82.5.
February’s contract signings deliver the pending index under the 100-level mark for the eleventh consecutive month.
The 100 stage is predicated on a 2001 benchmark and is according to existing-home gross sales above the 5 million mark.
