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Pending home sales see moderate rise in February

Pending home sales rose 2 percent in February compared to January.

Pending home sales rose 2 percent in February compared to January.

More people were putting ink to paper last month as pending home sales increased marginally.

According to the National Association of Realtors, the pending home index rate rose 2.1 percent in February to 90.8, up from 88.9 in January.

Lawrence Yun, NAR's chief economist, said the growth rate may be slow, but the housing market continues to trend upward.

"It's important to look at the longer term performance," Yun said. "Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the homebuyer tax credit."

Yun went on to say that inclement weather throughout most of the country may also have affected the frequency of people moving last month.

As a general rule, the first months of the year tend to be slow in the housing market, but sales may soon increase now that spring has arrived and temperatures are rising. Earlier this month, the Washington Post reported house hunters are out in full force in the D.C. area.