All four major regions of the U.S. posted growth in sales contract activity last month, led by the West, the National Association of REALTORS® reported Thursday. NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—rose 1.6% last month, erasing last month’s decrease. Contract signings are now up 2.5% year over year, NAR reports.
“It is very encouraging that buyers are responding to exceptionally low interest rates,” says Lawrence Yun, NAR’s chief economist. “The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.”
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