Here Comes Pending Home Sales...

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Pending home sales for February are out at 10 a.m. ET.

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Economists polled by Bloomberg are looking for pending home sales to fall 0.3 per cent month-over-month, compared with a 4.5 per cent rise the previous month.

On a year-over-year basis, home sales are expected to rise 8.7 per cent, compared with a 10.4 per cent rise in January.

Pending sales is a “forward-looking indicator based on contract signings,” as defined by NAR. We’ve already seen new home sales fell 4.6 per cent in February, and existing home sales were up a modest 0.8 per cent on the month in February. Tracking these figures on three and six-month averages gives us a better picture of the housing market.

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