US pending home sales grow a tad more quickly than expected in February
The growth in the number of home sales signed in the US continued to be subdued last month.
According to the National Association of Realtors, so-called pending home sales increased by 2.0% month-on-month.
That was better than the 1.5% increase anticipated by economists.
Commenting on the latest figures, NAR chief economist, Lawrence Yun, said: Despite the modest monthly increase, contract signings remain well below normal historical levels.
"A meaningful decline in mortgage rates would help both demand and supply – demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect."
NAR's forecasts were for existing home sales to rise by 6% and 11% in 2025-26, respectively.
New home sales were increasing by 10% and 5%, while the national median home price was seen rising by 3% and 4%.