U.S. Pending Home Sales Increase for First Time in Three Months
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A gauge of signed contracts to purchase previously-owned U.S. homes increased in February for the first time in three months, highlighting uneven progress in the industry, according to data released Wednesday from the National Association of Realtors in Washington.
While the month-over-month gain shows demand for housing is still getting support from steady hiring, the market is facing several headwinds. Buyers are up against a persistent shortage of affordable listings to choose from, property prices continue to climb, and mortgage costs are rising. What’s more, the Realtors group expects winter weather to weigh on demand in the Northeast.