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A summary of pending home sales data was released by the National Association of Realtor (NAR) showing that February’s pending home sales speed reduced 10.6% last month and fell by 0.5% from last year.
Homes that have a signed contract to purchase on them but are not yet closed are called pending sales. The Existing Home Sales data is lead by them by 1 to 2 months.
A few regions showed gains from a year ago. The largest incline was from South with 2.9% then came West with gain in contract signings of 1.9%.
The biggest decline of 6.1% was in Midwest.
From February there was a decline in contract signings in all regions.
In comparison to all regions, the South led with the largest decrease of 13.0%, then was Midwest, which fell 9.5%. The Northeast plunged 9.2%, then came the West, which had a decline of 7.4%.
For the month the total U.S. pending home sales index level was 110.3.
For the 10th consecutive month, February’s contract signings bring the pending index above the 100-level mark.
This 100 level mark is based on a 2001 benchmark and is in tune with a healthy market and existing-home sales above the 5 million mark.
Reference Source: NAR
