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  • February Pending Home Sales Smash Expectations – Jump Most Since… With new home sales jumping and existing home sales dumping, pending home sales broke the tie this morning with a massive beat (up 5.5% MoM vs 2.5% expectations). NAR’s Larry Yun blames the surge in demand on higher stock market prices, warm weather, and fears of higher interest rates. Midwest saw the biggest bump – after a big drop in Jan… Northeast up 3.4%; Jan. rose 2.3% Midwest up 11.4%; Jan. fell 5% South up 4.3%; Jan. rose 0.4% West up 3.1%; Jan. fell 9.8% AfterJanuary’s big drop, Feb saw the biggest MoM spike since April 2010… Lawrence Yun, NAR chief economist, says February’s convincing bump in pending sales is proof that demand is rising with spring on the doorstep. “Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” he said.   “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean ... Continue->

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