US pending home sales unexpectedly increased in February
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Golden Ten Data reported on March 17 that US pending home sales unexpectedly increased in February, marking the first such rise in three months. At that time, homebuyers took full advantage of lower mortgage rates and the favorable conditions brought by slowing home price growth. According to data released by the National Association of Realtors on Tuesday, the US Pending Home Sales Index rose 1.8% month-on-month in February, while economists had predicted a decline of 0.6%. The number of home purchase contracts signed in February increased, as mortgage rates had dropped to their lowest level since 2022. This is good news for the real estate market ahead of the spring sales peak, when housing inventory typically rises and transaction activity becomes more vibrant. Lower borrowing costs and slower price growth have improved the affordability of buying homes recently.
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