Posted 3/28/2024, 2:01:54 PM
Pending Home Sales Edge Up in February but Remain Down Sharply Over Past Year as High Prices and Rates Deter Buyers
- Pending home sales in the U.S. rose 1.6% in February after a revised 74.4 in January
- Economists expected a 1.5% increase in pending home sales
- On a yearly basis, pending home sales fell 7% in February
- The high-cost Northeast and West regions saw declines due to affordability challenges
- Contracts on pending homes dropped in 2023 as buyers faced less inventory and higher mortgage rates
