Pending home sales rose 5.5% in February, a 2.6% increase year-over-year. Warm weather and potentially higher interest rates have been said to be the cause.
Home prices roared to the highest levels in nearly 3 years as demand remains strong. Tight inventory continues to be an issue, supporting increasing prices.
Warm winter weather also has led to a surge in new home construction. However, homebuilders are struggling to find enough workers to meet demand.