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March 31, 2020

Home sales were up before outbreak

BALTIMORE (AP) — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession.

The National Association of Realtors said Monday that its pending home sales index, which measures the numbers of purchase contracts signed, rose 2.4% in February from the prior month to 111.5. Lower mortgage rates were enticing more people to buy homes, such that pending sales had climbed 9.4% over the past 12 months.


 
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