National pending home sales in February grew 1.6 percent, according to the National Association of Realtors. All four U.S. regions registered year-over-year decreases. Annually, pending transactions were down 7 percent.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said NAR Chief Economist Lawrence Yun. “Ongoing job gains are clearly increasing demand along with more inventory.”
Month-over-month, contract signings climbed in the Midwest and South but dipped in the Northeast and West.