Pending home sales rise

Pending sales of existing homes rose 2.1 percent in February after falling 2.8 percent the month before, according to the National Association of Realtors. Pending sales are 8.2 percent above year ago levels.

In the South region, which includes Maryland and Virginia but stretches from Delaware to Florida, pending sales increased 2.7 percent, but are still 5.3 percent below a year ago. The biggest increase in pending sales was in the West. The biggest decline was in the Northeast.

"Month-to-month movements can be instructive, but in this uneven recovery it's important to look at the longer term performance," said NAR chief economist Lawrence Yun. "Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines."

Read Full Article from Bizjournals.com

- Posted: 2011-03-28 10:35:25

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