Pending Home Sales Come In Better Than Expected; How Will S&P/Case-Shiller Index Do Tuesday?

U.S. pending home sales climbed 3.5 percent to 109.1 in the month of February. The index now sits at its highest level since July of last year.

The latest data point was especially important following January's relatively weak number. February marks the 18th consecutive year-over-year (Y/Y) increase for the Pending Home Sales Index, buy January’s increase was the smallest since the streak began.

February’s Y/Y gain came in at 0.7 percent.

“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest seasonal uptick in inventory,” NAR chief economist Lawrece Yun explains.

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The pending home sales number was just the first in a series of key data points for the U.S. housing market in coming days.

On March 29, the S&P/ Case-Shiller home price number for January is released. December’s number came in flat month-over-month but up 5.7 percent year-over-year.

On March 30, the latest MBA Mortgage Applications number will be released for the week ending March 25. The most recent composite index number was down 3.3 percent week-over-week.

The SPDR S&P Homebuilders (ETF) XHB is down 3.4 percent in 2016.

Disclosure: the author holds no position in the stocks mentioned.