U.S. pending home sales rise 2.4% in February

Pending home sales in February rose 2.4% from the prior month, the second consecutive increase, according to a report Tuesday from the National Association of Realtors. February’s reading shows the health of the housing market prior to the coronavirus-induced shutdown, said Lawerence Yun, NAR’s chief economist. According to Yun, February’s data does not capture the significant fallout from the pandemic, or the measures taken to control the outbreak. Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year,” Yun said. The COVID-19 pandemic likely will result in houses sitting on the market for longer periods as Americans are ordered to stay at home, he said.