Economics
U.S. Pending Home Sales Increase for First Time in Three Months
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Contract signings to purchase previously-owned U.S. homes rose for the first time in three months, indicating the housing market is stabilizing on the heels of a modest pickup in listings, lower taxes and a robust labor market, data from the National Association of Realtors in Washington showed Monday.
The month-over-month gain in contract signings was broad-based with all four major U.S. regions showing gains. Meantime, Portland, Oregon, Seattle and San Jose, California, were among several cities showing big increases in new listings, according to the NAR. While the pickup in inventory is welcome and could help bring down prices, the group says more supply is needed to meet demand.