IE Business Daily Business news for the Inland Empire.
Pending home sales nationwide increased for the third consecutive month in February, according to data released today.
The Pending Home Sales Index went up 0.8 percent during the second month of this year, to 83.2, the National Association of Realtors in Chicago reported.
Three regions – the south, northeast, and midwest – all posted gain in the number of homes expected to be sold soon within the next several months. Only the west posted a decline.
“After nearly a year, the housing sector’s contraction is coming to an end,” said Lawrence Yun, the association’s chief economist, in a statement. “Existing-home sales, pending contracts, and new-home construction pending contracts have turned the corner and climbed for the past three months.”
Year-over-year, pending home transactions, were down 21.1 percent
Within the housing industry, pending home sales are regarded as an accurate indicator of the market’s immediate future. A pending sale means a contract has been signed but the transaction has not closed.
