Pending home sales bounced back in February, with an increase in the index of 3.5% and are now 5.1% above the level it had a year ago, according to analysts from Wells Fargo the numbers hint at better days for existing home sales.
Key Quotes:
“Pending home sales continued their recent seesaw pattern, rising 3.5 percent in February, following a downwardly-revised 3.0 percent decline the prior month. The volatility likely reflects milder than usual weather.”
“February’s increase brought the Pending Home Sales Index to a seven month high and the series is now 5.1 percent above its year-ago level, hinting at better days for existing home sales.”
“Low mortgage rates and a modest seasonal rise in inventory were cited by the National Association of Realtors as triggers for February’s gain. While the winter data are notoriously volatile, February’s increase is a good omen for the spring selling season.”
(Market News Provided by FXstreet)