US Pending Homes Sales Increase Month-Over-Month in February, but Remain Lower Year-Over-Year

Posted on March 28, 2024

On Thursday, the National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for February. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—was 1.6% higher, rising to a reading of 75.6. Year-over-year, pending homes sales were down 7.0%.

An index of 100 is equal to the level of contract activity in 2001.

In February, two regions posted month-over-month increases and two reported declines.

  • The Northeast PHSI decreased 0.3% to a reading of 63.4 and was 9.0% below February 2023.
  • The Midwest PHSI climbed 10.6% to a reading of 81.6 but was down 2.5% year-over-year.
  • The South PHSI inched 1.1% higher to a reading of 89.5 but was 8.5% below February 2023.
  • The West PHSI declined 6.5% to a reading of 87.1 and was down 7.9% year-over-year.
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