U.S. pending-home sales rose 0.8% in February, the National Association of Realtors said on Wednesday.
The numbers: Contract signings on homes in the U.S. rose for the third month in a row, as home buyers adjust to high mortgage rates.
U.S. pending-home sales rose 0.8% in February, according to the monthly index released Wednesday by the National Association of Realtors .The figures beat Wall Street’s expectations. Economists polled by the Wall Street Journal were expecting pending home sales to fall by 3%.Pending home sales reflect transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed.Key details: Compared to a year earlier, transactions were down by 21.1%.
But how sustained that recovery will be the big question. Supply remains a key challenge in many markets. “Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months,” he explained.
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