While new home sales saw a sharp pullback, pending sales for existing homes edged up 1.8% from January to February, though they remain 0.8% below last year. February activity was generally positive across the South, West, and Midwest, while the Northeast still faced winter-related slowdowns.
What’s the bottom line?
February activity came in better than expected and likely would have been even stronger without the storms in the Northeast. The uptick was likely supported by improved affordability and lower rates at that time, but it remains to be seen whether that momentum can continue amid recent market volatility tied to the Iran conflict.
