Pending home sales rose in February, apartment concessions hit highest level in over a decade

• Pending home sales in February increased 1.8% month-to-month, but were down 0.8% from February of last year.
• The rise in pending home sales was attributed to mortgage rates falling to multi-year lows, briefly dipping below 6% during the month.
• Apartment concessions reached their highest level in over a decade due to softening rents and rising vacancies.

Pending home sales rose in February by 1.8% month-to-month, driven by falling mortgage rates, though they remained down 0.8% year-over-year. Concurrently, apartment concessions hit their highest level in over a decade as rents soften and vacancies increase, indicating a mixed outlook for the broader housing sector.