Pending Home Sales Unexpectedly Rise In February 2011

Below you will find an article appearing in Reuters citing that pending home sales unexpectedly rose in February on a national level.  As we all know the national picture does not also reflect what is happening at the local level.  At the bottom of the article, I have added the pending sales statistics from CARETS showing the local statistics, which were even stronger. 

Also noteworthy is that Lawrence Yun, NAR Chief Economist, is expecting a national rise in existing home sales of 5 to 10 percent for this year.  This is more optimistic than his previous predictions.

Pending Home Sales Unexpectedly Rise in February  

WASHINGTON (Reuters) – Pending sales of previously owned U.S. homes unexpectedly rose in  February, a trade group said on Monday, pointing to a modest pick-up in home sales. 

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in February, increased 2.1 percent to 90.8. 

Economists had expected the index, which leads existing home sales by a month or two, to fall 1.0 percent after a previously reported 2.8 percent decline. 

“We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who have been on the sidelines,” said NAR chief economist Lawrence Yun.

NOTE:  The above are national statistics.  The local Pending Sales numbers, based on data from CARETS, are even better:

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