Having dropped 2.8 percent in January to its lowest level in a year, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, rebounded 5.5 percent in February to 112.3, which is the second highest reading since May of 2006 (112.5).

The seasonally adjusted index is now running 2.6 percent higher on a year-over-year basis and within its downwardly revised ten-year high of 113.6 last April.

But in the West, despite having ticked up 3.1 percent in February following a 9.8 percent drop in January, the Pending Home Sales Index currently measures a below average 97.5, which is 0.2 percent higher on a year-over-year basis versus 5.0 percent higher at the end of 2016.

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