Pending Home Sales Up 2.1 Percent in February

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Posted To: MND NewsWire

The National Association of Realtors® (NAR) released its February Pending Home Sales Index (PHSI). The index is a leading indicator for the housing sector; it measures sales activity based on sales of single-family homes, coops and condos where contracts have been signed but the transactions have not closed. According to the data , pending home sales increased in February but with notable regional variations. The national Index rose 2.1 percent to 90.8 in February compared to 88.9 in January. This, however, is a drop of 8.2 percent from the Index figures in February 2010. Data comes from a large national sample which represents about 20 percent of existing-home sale transactions. The index is derived from a base of 100 representing the average level of contract activity during 2001, the...(read more)

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Source: www.mortgagenewsdaily.com

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