This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
This archival content was originally written for and published on KPCC.org. Keep in mind that links and images may no longer work — and references may be outdated.
Signed contracts to buy US homes dip slightly
A measure of Americans who signed contracts to buy homes fell only slightly in February to the second-highest level in nearly three years. The report suggests sales of previously occupied homes will keep rising in the coming months.The National Association of Realtors says its seasonally adjusted index for pending home sales fell to 104.8 in February.
(
Tim Boyle/Getty Images
)
A measure of Americans who signed contracts to buy homes fell only slightly in February to the second-highest level in nearly three years. The report suggests sales of previously occupied homes will keep rising in the coming months.
The National Association of Realtors says its seasonally adjusted index for pending home sales fell to 104.8 in February. That's down from 105.2 in January, which was the highest reading since April 2010, when a homebuyer's tax credit was boosting sales.
There is generally a one- to two-month lag between a signed contract and a completed sale. In February, completed sales of previously occupied homes rose to the fastest pace in more than three years. The gains in both signed contracts and completed sales point to a housing recovery that is strengthening.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
