Pending Home Sales Rise in February

Washington, DC, March 28, 2016 -- Pending home sales in February jumped 3.5%, the National Association of Realtors reported Monday. Pending sales reached the highest level in seven months.

The index reading came in at 109.1. An index of 100 is equal to the average level of contract activity during 2001, which the NAR considers a balanced market for the current U.S. population.

Economists had predicted a 1.2% increase in February.

“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory,” said Lawrence Yun, the Realtors’ chief economist.