GAINS EXPECTED IN HOME SALES

Gains expected in home sales
Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors (NAR). NAR reported increases in pending home sales across most of the country, except in the West, where the index fell 13.5 percent from January's numbers. The PHSI in the Northeast rose 10.6 percent in February. In the Midwest the index jumped 14.5 percent, and in the South it is up 4.4 percent, compared to January.NAR's Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in February, rose 2.1 percent compared to January. The slight bump in monthly activity however, was not enough to offset a 1.4 percent annual decline in pending home sales for February. Also in February, NAR reported that housing affordability rose to a new high, representing the most favorable conditions for buying a home in more than three decades.


Source: DSNews.com