Pending home sales jumped in February, according to the National Association of Realtors, an unexpected development that puts total contracted sales to their second highest level since 2006.
Nationwide, the data indicated a 5.5 percent jump in contracts, the second highlest level since 2006 and just under April of 2016.
“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” Lawrence Yun, NAR chief economist, said in a press release. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search man mean paying higher interest rates this year.”
The Midwest saw the most dramatic increase, with contract signings up 11.4 percent. NAR warns, however, that the trend is unlikely to continue, as for sale inventory continues to decline.
Read more at Chicago Agent Magazine here.