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Mon Mar 28, 2016, 05:32 PM

 

Pending Sales of U.S. Existing Homes Increase by Most in a Year

Source: Bloomberg

By Victoria Stilwell
March 28, 2016 — 10:00 AM EDT

Contracts to purchase previously owned homes rebounded more than forecast in February as sales picked up in most of the U.S., a good sign as the spring-selling season approaches.

The pending home sales index climbed 3.5 percent, the biggest gain in a year, after a 3 percent decrease a month earlier that was larger than initially reported, the Washington-based National Association of Realtors said Monday. The median projection in a Bloomberg survey of economists called for a 1.2 percent increase.

Americans, emboldened by better employment prospects and fewer firings, are finding it easier to buy a home, aided further by borrowing costs that remain near historical lows. Improving demand may encourage current owners to put their properties on the market, which would help expand inventories and provide an additional lift to the industry.

“The key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers,” NAR chief economist Lawrence Yun said in a statement. “Without adequate supply, sales will likely plateau.”

Read more: http://www.bloomberg.com/news/articles/2016-03-28/pending-sales-of-u-s-existing-homes-increase-by-most-in-a-year

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