Home sales in February

Pending home sales in February rose 2% m/o/m after a 4.6% drop in January and a 4.2% decline in December which took this index to a record low since it started. That was just above the estimate of up 1%. The gain was led almost entirely by the 6.2% increase in sales in the South which followed a 9.2% fall in the month before (blame the weather?). Sales fell in the West and Northeast and were up slightly in the Midwest.

The NAR said it as it is, “Despite the modest monthly increase, contract signings remain well below normal historical levels.” We all know why.