U.S. February pending home sales rise 2.1 percent: NAR

01 April 2009 @ 02:11 pm EDT

Pending sales of existing U.S. homes rose modestly in February but the market is still weak in the face of continued declines in home values and a recession, a realty trade group said on Wednesday.


A house sits for sale in North Aurora
A house sits for sale in North Aurora, Illinois July 24, 2008.
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The National Association of Realtors Pending Home Sales Index, based on contracts signed in February, was up 2.1 percent to 82.1 from an index of 80.4 in January.

Economists polled by Reuters ahead of the report were expecting pending home sales to rise by 1.0 percent.

"Pending home sales have a way to go for there to be a meaningful increase," said NAR chief economist Lawrence Yun.

(Reporting by Patrick Rucker; Editing by Andrea Ricci)

Copyright 2009 Thomson Reuters. All rights reserved.

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