Earlier this morning, we reported that pending home sales in February rose 3.1 percent to their highest level since June 2013. Sizeable gains in the Midwest and West offset smaller declines in the Northeast and South.
Overall, the index has now increased year-over-year for six consecutive months and is above 100 – considered an average level of activity – for the 10th consecutive month.
Encouraging news, right? See what Lawrence Yun has to say about the data and what needs to occur (think: hammers and nails) to increase the pace of sales as we enter the spring buying season.