According to the National Association of Realtors, pending home sales went up 5.5 percent in February, the most since April 2010, and 3 percentage points higher than what economists had forecasted.
Business Insider reports that some buyers rushed to buy a home before mortgage rates increased. Pending sales represent signed contracts that have not yet closed.
"The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year," said Lawrence Yun, the NAR's chief economist.
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