Pending home sales increase nationwide

While a number of reports have shown the real estate market has continued to struggle, the National Association of Realtors says its Pending Home Sales Index increased in February, which may preview rising sales numbers from March and April.

The group says the index jumped 2.1 percent to 90.8 last month, based on signed home contracts in advance of future sales. It was also the first increase for the index since November, when it reached a recent high of 94.5.

"Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines," said Lawrence Yun, NAR chief economist. "Contract activity is now 20 percent above the low point immediately following expiration of the homebuyer tax credit."

Pending sales increased in three of the four regions of the country, with the Northeast reporting the only decline. Yun theorized this may be due to the rough weather that the region endured this winter.

Affordability remains one of the key factors in the market. A recent report by Demographia listed Houston homes as some of the most affordable in North America.

Courtesy of 2M Realty News