Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to a report released Wednesday by the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on existing-home sales contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.
NAR’s Housing Affordability Index rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. the index shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970. [via NAR]