FILE - In this Thursday, Jan. 8, 2015, file photo, a "sale pending" sits atop a realty sign outside a home for sale in Surfside, Fla. The National Association of Realtors releases its pending home sales index for June on Wednesday, July 29, 2015. (AP Photo/Wilfredo Lee, File)

U.S. pending home sales rose in February to their highest level in seven months in all major regions except for Northeast, according to the National Association of Realtors.

The Pending Home Sales Index increased by 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7 percent above February 2015 (108.3). Although the index has now increased year-over-year for 18 consecutive months, last month’s annual gain was the smallest.

“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 year1 and a modest, seasonal uptick in inventory2,” said Lawrence Yun, NAR chief economist.

“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.” he added.

Source : NAR

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