February showed a rise of 8.2% in pending home sales, in a monthly comparison, according to the National Association of Realtors (NAR) index of sales agreements.
Many economists believed that the index would show a slight decline, but with the unexpected rise, economists are now thinking this may be a positive sign for the real estate market. The tax credit is scheduled to expire at this end of this month; therefore many contracts may be signed in April, in an effort to beat the deadline.
According to Lawrence Yun, NAR’s chief economist, the index report “may signal the early stages of a second surge of home sales this spring.”
Equal Housing Opportunity - 
REALTOR® - Equal Opportunity Employer