Last month, the volume of homes under contract soared to the second-highest level in more than a decade, and the Midwest was out front.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, was a seasonally adjusted 112.3 in February.
That was the highest index since April 2016, when it was 113.6, and the
second-highest level since February 2006, when it was 117.4.
The index, reported by the
National Association of Realtors, was up 6 percent from January 2017 and 3 percent higher than February 2016.
Lawrence Yun, chief economist for the trade group, said in the report that a
modest, seasonal up tick in listings and the warmest February in decades fueled the increased activity.
On a month-over-month basis, the index leapt in the Midwest by 11 percent — more than any other region — to 110.8. The South’s index was up 4 percent to
127.8, while a 3 percent increase left the index at 102.1 in the Northeast and 97.5 in West.
