Pending home sales rise 2.4% in February
Zillow suspends home buying
Zillow is suspending buying in 24 markets due to inventory concerns. FOX Business’ Lauren Simonetti with more.
WASHINGTON (Reuters) – Contracts to buy previously owned homes rose for the second straight month in February, the National Association of Realtors said on Monday.
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The NAR's pending home sales index increased to a reading of 111.5, up 2.4% from the prior month. January's index was revised slightly to 108.9 from 108.8.
Economists polled by Reuters had forecast pending home sales falling 1.0% last month.
Pending home contracts generally are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later.
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