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USA: Pending home sales grow 0.8% in February, improving on the estimated 3% decline

The change in pending home sales in the United States grew by 0.8% month in February, improving market expectations, whose consensus expected a 3% drop. This is the third consecutive month of increases for the indicator. In January, sales grew 8.1%.

On a year-over-year basis, sales fell 21.1% after declining 24.1% in January. The decrease is more moderate than the 29.4% estimated by the experts. The indicator shows falls since June 2021.

“After almost a year, the contraction in the housing sector is coming to an end,” said NAR chief economist, Lawrence Yun. “Existing home sales, pending contracts and new home construction pending contracts have come around the corner and gone up over the past three months.”

Source: Fx Street

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