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Latest S&P 500 record caps best first quarter since 2019

Contract signings for existing homes are starting to show signs of recovery.

Pending home sales increased 1.6% in February from the previous month, according to new data from the National Association of Realtors. The 75.6 index marks the largest monthly gain since last December. An index level of 100 is equal to the pace of contract activity in 2001.

The gain in the index, a leading indicator for gauging the health of the housing market, shows how an inventory rally is boosting the market as high rates continue to persist. buyers and sellers are left out, leaving pending sales down 7.0% annually in the resale market.

Mortgage rates topped 7% every day around mid-February, discouraging rate-sensitive buyers.

While modest sales growth may not cause excitement, it shows slow, steady progress from the lows of late last year, Lawrence Yun, NAR's chief economist, said in A press release. Ongoing job creation is clearly increasing demand and increasing inventories.

He added: There will be a steady increase in inventory due to recent growth in residential construction. Additionally, many sellers who have delayed listing for the past two years will begin putting their home on the market to move to another home that better fits their new life circumstances, such as changes in family composition , employment, travel habits and retirees wanting to be closer to their grandchildren.

Regionally, contract signings in the North East fell 0.3% from last month, while the West saw a monthly decline of 6.5% in February. Meanwhile, the Midwest saw a 10.6% increase in transactions with contracted sales, while the South increased 1.1% in February.

High-cost regions in the Northeast and West have seen setbacks due to affordability issues, Yun said. House prices that rise faster than income growth are not healthy and add difficulties for first-time buyers.

Sources

1/ https://Google.com/

2/ https://finance.yahoo.com/news/live/stock-market-today-stocks-steady-as-booming-first-quarter-comes-to-close-133107077.html

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