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Pending Home Sales Signal Strong Spring Market

Contract signings in the Midwest and South in February drove
pending home sales to their highest level in nearly two years.  The National Association of Realtors® (NAR) said today that
its Pending Home Sales Index (PHSI) rose 3.1 percent in February to 106.9.  The January index level, after a slight
downward revision, was 103.7.  The
February number is 12.0 percent above the level in February 2014. 

According to NAR this is the sixth consecutive month that
the index has increased compared to a year earlier and it has not been this
high since June 2013 when it was 109.4.  February was the 10th consecutive
month
that the index has been above 100 which is considered an average level of
activity.

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