Following a two-month slide, the Pending Home Sales Index rose 2.1 percent to 90.8 based on contracts signed in February, according to the National Association of Realtors. A forward-looking indicator, the index reflects contracts, not closings, which normally occur with a lag time of one or two months.
Since bottoming out last June, the Pending Home Sales Index has trended upward, “even with periodic monthly declines,” said NAR chief economist Lawrence Yun. “Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance.”
(Watch a video  of Yun discussing the latest NAR Pending Homes Sales Index.)
Yun said all regions saw gains except for the Northeast, “where unusually bad winter weather may have curtailed some shopping and contract activity.”
The regional breakdown:
For more information, see the NAR report: http://www.realtor.org/press_room/news_releases/2011/03/pending_feb_rise .