Pending Home Sales Shed a Bit of January's Momentum

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Posted To: MND NewsWire

Pending home sales fell again in February. The National Association of Realtors® said its Pending Home Sales Index (PHSI) declined by 1.0 percent compared to January to a level of 101.9. The index is now 4.9 percent lower than a year earlier, marking the 14th straight month of annual decreases. The South and the West posted slight gains while the other two regions lost ground. Analysts were not particularly bullish about the index's February prospects. Those polled by Econoday had a wide range of expectations, from -3.0 percent to 3.2 percent. The consensus was for a slight 0.8 percent increase. Lawrence Yun, NAR chief economist, said the month's loss is coming off a solid gain in the prior month . "In January, pending contracts were up close to 5 percent, so this month's 1 percent drop...(read more)

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