Pending sales of existing US homes rose modestly in February but the market is still weak in the face of continued declines in home values and a recession, a realty trade group said this afternoon.
The National Association of Realtors (NAR) pending home sales index, based on contracts signed in February, was up 2.1 per cent to 82.1 from an index of 80.4 in January.
Economists polled by Reuters ahead of the report were expecting pending home sales to rise by 1 per cent.
"Pending home sales have a way to go for there to be a meaningful increase," said NAR chief economist Lawrence Yun.
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Reuters