Pending Home Sales Dwindle 4.1% in February

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Pending Home Sales Dwindle 4.1% in February Pending home sales slipped in February, marking four consecutive months of transaction decreases. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, waned 4.1% to 104.9 in February. Consequently, home sellers cannot simply bump up prices in the upcoming months, but need to assess the changing market conditions to attract buyers." As of February 2022, higher mortgage rates and sustained price appreciation has led to a year-over-year increase of 28% in mortgage payments. "The surge in home prices combined with rising mortgage rates can easily translate to another $200 to $300 in mortgage payments per month, which is a major strain for many families already on tight budgets."

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