Pending Home Sales Index and existing home sales, per the NAHB.

National Association of Home Builders economist Stephen Melman detects signs of restored fundamentals in the latest print of the National Association of Realtors Pending Home Sales Index, a forward indicator of existing home sales.

Melman notes that the index increased to 109.1 in February from a downwardly revised 105.4 in January, and was 0.7% above the same month a year ago. Mojo cropped up in the Midwest and South, while the West and Northeast were essentially flat. Melman's take-away:

Existing sales tumbled 7.2% in January. After several months of volatility, improving economic conditions and rising employment suggest a return to a steady recovery in existing sales. However, the long-term weakness among first-time buyers will continue to dampen all sales in 2016.

Read more >