In the latest economic report that feels like it is from another age, pending home sales role in February for the second consecutive month.
The National Association of Realtors said its Pending Home Sales Index grew 2.4 percent last month – and 9.4 percent over February 2019. The report found there was a monthly and yearly increase in each of the four regions.
The report does not capture much, if any, of the economic fallout from the coronavirus pandemic or federal or state efforts to contain it.
“February’s pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown,” Lawrence Yun NAR chief economist Lawrence Yun said. “Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year.”
Across The Board
Pending sales were up across the country. Specifically:
- Northeast: 2.8 percent monthly and 5.9 percent yearly increase.
- Midwest: 4.5 percent monthly and 14.9 percent yearly increase.
- South: 0.1 percent monthly and 7.1 percent yearly increase.
- West: 4.6 percent monthly and 10.8 percent yearly increase.
“Housing, just like most other industries, suffered from the coronavirus crisis, but once this predicament is behind us and the habit of social distancing is respected, I’m encouraged there will be continued home transactions though with more virtual tours, electronic signatures, and external home appraisals,” Yun said. “Many of the home sales that are likely to be missed during the first part of 2020 may simply be pushed into late summer and autumn parts of the year.”