U.S. pending home sales rose 1.6% in February, led by modest inventory gains and job gains, according to a report released Thursday.
The National Association of Realtors’ Pending Home Sales Index rose 1.6% to 75.6 from a revised reading of 74.4 the previous month. According to a Reuters poll, economists had expected an increase of 1.5%.
On a year-over-year basis, pending home sales fell 7% in February.
Pending real estate deals fell in 2023 as potential buyers faced reduced inventory and higher mortgage rates in line with the Federal Reserve’s interest rate hike campaign.
Source: Terra
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