By Jann Swanson
Posted To: MND NewsWire
Contract signings in the Midwest and South in February drove pending home sales to their highest level in nearly two years. The National Association of Realtors® (NAR) said today that its Pending Home Sales Index (PHSI) rose 3.1 percent in February to 106.9. The January index level, after a slight downward revision, was 103.7. The February number is 12.0 percent above the level in February 2014. According to NAR this is the sixth consecutive month that the index has increased compared to a year earlier and it has not been this high since June 2013 when it was 109.4. February was the 10 th consecutive month that the index has been above 100 which is considered an average level of activity. The PHSI is based on the number of contracts executive during the month to purchase existing homes…(read more)
Via:: Pending Home Sales Signal Strong Spring Market
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