3/29, 4:01 PM (Source: TeleTrader)
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US pending home sales rise 0.8% in February

Pending home sales in the United States advanced by 0.8% in February, compared to the registered figure the month before, the National Association of Realtors (NAR) revealed in its report on Wednesday. The Pending Home Sales Index (PHSI) came in at 83.2.

On an annual basis, however, the figure plummeted 21.1% in the reported month. Regionally, the Northeast PHSI rose 6.5% month over month, landing at 72.5, while the South PHSI grew 0.7% to 99.3 in February.

"After nearly a year, the housing sector's contraction is coming to an end," NAR Chief Economist Lawrence Yun commented. "Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months," he added.

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