US Pending Home Sales improved 5.5 per cent in February 2017 to its highest level since April 2016, and the second highest since May 2006, said the US National Association of Realtors Wednesday.
US Pending and Existing Home Sales: January 2017
The US Pending Home Sales Index increased 5.5 per cent in February 2017 to its highest level since April 2016, and the second highest since May 2006. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors Thursday, increased to 112.3 in February, up from 106.4 in January and up 2.6 per cent from the same month a year ago.
The pending home sales index increased in all four regions, ranging from 11.4 per cent in the Midwest to 3.1 per cent in the West. Year-over-year, the PHSI increased 6.6 per cent in the Northeast and 4.2 per cent in the South, while falling slightly in the West and Midwest.
US EXISTING HOME SALES
February existing sales were slowed by inventory constraints, and these shortages are expected to continue, especially in the lower- and mid-market price ranges. However, builder sentiment remains strong, and new home sales are trending positive. As the economy continues to add jobs, increased demand among first-time buyers will help fuel new and existing sales in 2017.