WASHINGTON — Pending home sales rose in February in all parts of the US except for the Northeast, a real estate trade group reported Monday.
The National Association of Realtors (NAR) said its index of pending home sales rose 2.1 percent to 90.8 in February.
Yet the index still stood 8.2 percent below the year-ago level of 98.9, when a now expired federal tax credit boosted sales.
Pending sales fell 10.9 percent in the Northeast, which NAR said might be attributable to poor weather. Pending sales rose 2.7 percent in the South, four percent in the Midwest and seven percent in the West.
The index is based on sales contracts on existing homes. The NAR also reports on sales of existing homes once the sales close, usually six to eight weeks later.
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