Pending Home Sales Jump almost 10%

Pending Home Sales Jump

Its still a hot housing market.

According to the newly released Pending Home Sales Index by the National Association of Realtors, Pending Homes Sales jumped by 9.4% on a year-over-year basis in February.

Pending home sales rose in February, climbing for the second consecutive month, according to the National Association of RealtorsĀ®. Each of the four major regions saw an increase in month-over-month contract activity, as well as growth in year-over-year pending home sales transactions compared to one year ago.

The Pending Home Sales Index (PHSI), is a forward-looking indicator based on contract signings, grew 2.4% to 111.5 in February. Year-over-year contract signings increased 9.4%. An index of 100 is equal to the level of contract activity in 2001.

Markets drawing some of the most significant buyer attention include Colorado Springs, Colo.; Lafayette, Ind.; Modesto, Calif.; Rochester, N.Y.; and Sacramento, Calif.