The National Association of Realtors (NAR) recently announced a significant recovery in U.S. pending home sales for the month of February, following a significant downturn reported in the month before.
The NAR's pending home sales index showcased an increase of 1.6%, taking the index value to 75.6 in February. This followed a significant decrease of 4.7% in January, which had revised the index value down to 74.4.
The surge in sales was slightly higher than what most economists had predicted. They had expected a rise of 1.5%, especially considering the hefty fall of 4.9% that was initially reported for the prior month.
