US Pending Home Sales Continue to Rise for Third Straight Month in February

Pending home sales increased by 0.8% in February, marking the third consecutive month of growth, according to the National Association of Realtors. While three regions saw monthly gains, the West declined, and all four regions experienced year-over-year decreases in transactions. NAR Chief Economist Lawrence Yun said that the housing sector's contraction is coming to an end, with existing-home sales, pending contracts, and new-home construction pending contracts all climbing for the past three months. The Midwest and South are leading the recovery, with residential mortgage loans expected to be more readily available.