Pending home sales in the U.S. saw a significant rebound in the month of February, the National Association of Realtors revealed in a report on Thursday.
NAR said its pending home sales index surged by 2.0 percent to 72.0 in February after plunging 4.6 percent to an all-time low of 70.6 in January.
The rebound by pending home sales largely reflected a sharp increase in the South, where pending home sales spiked by 6.2 percent.
Pending home sales in the Midwest also rose by 0.7 percent, but pending home sales in the Northeast slid by 0.9 percent and pending home sales in the West tumbled by 3.0 percent.
In its quarterly economic forecast, NAR said it expects mortgage rates will average 6.4 percent in 2025 and 6.1 percent in 2026.
NAR also said it expects existing home sales to increase by 6 percent in 2025 and accelerate another 11 percent in 2026. The association predicts the national median home price will rise by 3 percent in 2025 and 4 percent in 2026.