Pending home sales in the U.S. unexpectedly increased for the third straight month in February, according to a report released by the National Association of Realtors on Wednesday. NAR said its pending home sales index climbed by 0.8 percent to 83.2 in February after spiking by 8.1 percent to 82.5 in January.
The pending home sales index reached its highest level since hitting 88.3 last August but was still down by 21.1 percent compared to a year ago. 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.
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