US Housing Market Sees Uptick in February

The National Association of Realtors (NAR) reported a 2% increase in pending home sales across the United States in February compared to January. Despite this monthly gain, the figures represent a 3.6% decrease from the previous year, indicating a market still struggling to reach its historical norms.

Regional Variations Highlight Market Complexity

The South led the way with a significant 6.2% month-on-month increase, followed by the Midwest at 0.7%. However, the Northeast and West regions experienced declines of 0.9% and 3%, respectively, showcasing the uneven recovery across the country.

Expert Insights on Future Market Directions

"While the slight monthly increase is a positive sign, contract signings remain significantly below historical levels," noted NAR Chief Economist Lawrence Yun. He emphasized the potential impact of lower mortgage rates, stating, "A meaningful decline in mortgage rates would not only boost demand by improving affordability but also enhance supply by mitigating the mortgage rate lock-in effect."