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South Florida

Home sales, affordability increase

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The National Association of Realtors’ Pending Home Sales Index rose 2.1 percent in February over January, according to a NAR report released today. Lawrence Yun, NAR’s chief economist, attributed the increase in signed contracts to buyers getting into the market to take advantage of affordability and incentives. The index still remains 1.4 percent lower than it was in February 2008. NAR’s Housing Affordability Index also hit a new high in February, rising 0.9 percent. Affordability, which NAR defines as the relationship between home prices, mortgage rates and family income, is the highest it has been since the index began in 1970, according to NAR. TRD