US pending home sales unexpectedly rise in February
US pending home sales rose 1.8% in February as lower mortgage rates improved affordability. Rising oil prices and inflation fears may limit future gains.
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Contracts to purchase previously owned homes in the United States saw an unexpected increase in February, driven by a temporary dip in mortgage rates. The National Association of Realtors (NAR) reported on Tuesday that its pending home sales index rose by 1.8% to a level of 72.1, defying expectations from economists who had anticipated a 0.5% decline.
