India, March 27 -- Pending home sales in the U.S. saw a significant rebound in the month of February, the National Association of Realtors revealed in a report on Thursday.
NAR said its pending home sales index surged by 2.0 percent to 72.0 in February after plunging 4.6 percent to an all-time low of 70.6 in January. Economists had expected pending home sales to jump by 1.5 percent.
"Despite the modest monthly increase, contract signings remain well below normal historical levels," said NAR Chief Economist Lawrence Yun.
He added, "A meaningful decline in mortgage rates would help both demand and supply - demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect."
The rebound by pending home ...