+1.6%
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Pending home sales grew 1.6% in February 2024. The Midwest and South posted monthly gains in transactions while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases.
NAR Chief Economist Lawrence Yun said, "The high-cost regions in the Northeast and West experienced pullbacks due to affordability challenges," and added, "Home prices rising faster than income growth is not healthy and adds challenges for first-time buyers."
Next release: Pending Home Sales for March 2024 will be released on Thursday, April 25, 2024 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.