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The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it's highest reading since July 2015.
NAR's PHSI is "a forward-looking indicator based on contract signings". The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February's Index rose 3.5% month-over-month to 109.1.
Lawrence Yun, NAR's Chief Economist
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