India, March 28 -- After reporting a sharp pullback in U.S. pending home sales in the previous month, the National Association of Realtors released a report on Thursday showing a notable rebound by pending home sales in the month of February.
NAR said its pending home sales index shot up by 1.6 percent to 75.6 in February after plunging by 4.7 percent to a revised reading of 74.4 in January.
Economists had expected pending home sales to jump by 1.5 percent compared to the 4.9 percent nosedive originally reported for the previous month.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
"While modest sales growth might not stir excitement, it show...