Increased consumer confidence in the economy, combined with a first-time homeowners' tax credit caused an 8.2% increase in pending home sales, according to data released today by the National Association of Realtors.
The association's pending home sales index was 97.6 in February, compared with 90.2 in January. February's index was 17.3% higher than in February 2009. In January, the index had declined by 7%.
The National Association of Realtors' Pending Home Sales Index increased from January's levels in the Northeast, Midwest, and South by 9%, 21.8%, and 9.2%, respectively and declined 4.8% in the West.
On a year-to-year basis, the index increased in the Northeast, Midwest, South and West by 18.9%, 18.7%, 17.5% and 14.6%, respectively.