The number: Pending home sales rebounded after two straight months of declines, but challenges remain as the housing market heads into the popular spring home-buying season.
The index measures where contracts have been signed but the transaction has yet to close. As a result, it is viewed as a forward-looking indicator for existing-home sales. The big picture: The demand is there. Millennials are growing older, and as they get married and start families, many are in the market for a home right now. Plus, the effects of COVID-19 continue, and demand for properties with more outdoor space and a dedicated home office is strong. It also doesn’t hurt that mortgage rates have dropped back below 3%.
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