US February 2017 pending home sales data from the National Association of Realtors

  • Prior was -2.8%
  • Sales up 2.6% y/y vs +2.7% y/y in January
  • Index at the highest since April 2016

Lawrence Yun, NAR chief economist, says February's convincing bump in pending sales
is proof that demand is rising with spring on the doorstep. "Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," he said. "The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year." Added Yun, "Last month being the warmest February in decades also played a role in kick-starting prospective buyers' house hunt."

Really? The stock market? Your shares of Disney rose so you're going to go out and buy a house?