February Pending Home Sales Index rebounds 3.1 percent, but still down 4.1 percent year-on-year

The Pending Home Sales Index grew 3.1 percent to 107.5 in February from a downwardly revised 104.3 in January. Even with last month's increase in activity, however, the index is 4.1 percent below a year ago due largely to lack of inventory and affordability issues, especially for first-time buyers.

READ MORE