From the AP:
More Americans signed contracts to buy homes in February, but sales were uneven across the country and not enough to signal a rebound in the housing market.
Sales agreements for homes rose 2.1 percent last month to a reading of 90.8, according to the National Association of Realtors’ pending home sales index released Monday. Sales rose in every region but the Northeast.
Signings were 19.6 percent above June’s index reading, the low point since the housing bust. Still, the index is below 100, which is considered a healthy level. The last time it reached that point was in April, the final month people could qualify for a home-buying tax credit.
The pace of sales varied from region to region. Signings fell 10.9 percent in the Northeast. They rose 2.7 percent in the South, 4 percent in Midwest and 7 percent in the West.
From the Real Deal:
The Pending Home Sales Index, a leading housing sector indicator based on signed contracts for homes that have not closed, increased 2.1 percent nationwide to 90.8 in February compared to a month earlier, according to the National Association of Realtors, but still lags significantly behind the 98.9 mark recorded a year ago. An index of 100 is equal to the level of contract activity in 2001.
The Northeast was the only region in the country to suffer a decline in February, as the Pending Home Sales Index fell 10.9 percent to 65.5. But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” winter weather.