From GlobeNewswire.: 2024-03-28 10:00:00

Pending home sales increased by 1.6% in February, with rises in the Midwest and South but declines in the Northeast and West compared to last year. The Pending Home Sales Index (PHSI) reached 75.6, down 7.0% year over year, with all four U.S. regions experiencing lower pending transactions. NAR Chief Economist Lawrence Yun noted slow but steady progress in sales growth despite challenges like rising home prices outpacing income growth. Affordability issues impacted high-cost regions, prompting delays in listing, but Yun predicts a rise in inventory from increased home building and more sellers entering the market in the coming months to accommodate lifestyle changes.



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