NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflect contracts and not closings, which usually occur with a lag time of one or two months. In the West, which includes California, the index declined 4.8 percent to 98, but was 14.6 percent higher compared with a year ago.
“The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring,” said Lawrence Yun, NAR chief economist. “The healthy gain hints home prices are continuing to flatten.”
Source: National Association of Realtors®
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