US pending home sales grow a tad more quickly than expected in February

(Sharecast News) - The growth in the number of home sales signed in the US continued to be subdued last month. According to the National Association of Realtors, so-called pending home sales increased by 2.0% month-on-month.

That was better than the 1.5% increase anticipated by economists.

Commenting on the latest figures, NAR chief economist, Lawrence Yun, said: Despite the modest monthly increase, contract signings remain well below normal historical levels.

"A meaningful decline in mortgage rates would help both demand and supply - demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect."

NAR's forecasts were for existing home sales to rise by 6% and 11% in 2025-26, respectively.

New home sales were increasing by 10% and 5%, while the national median home price was seen rising by 3% and 4%.