US pending home sales rise in February, beating forecasts

(Sharecast News) - US pending home sales rose 1.8% month-on-month in February, according to the National Association of Realtors, but were down 0.8% on a year-on-year basis. Economists had expected to see contracts falling 0.5% versus January.

Regional performance was mixed, with the Midwest, West and South posting increases, while the Northeast reported a decline.

NAR chief economist Lawrence Yun said: "The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates."







Reporting by Iain Gilbert at Sharecast.com