Pending home sales fell 0.8% month-over-month in February. This was the eighth consecutive monthly fall.
On the year, pending home sales were down 10.2% on the year.
This missed expectations for a 0.2% mum rise and a 9% YoY.
January’s numbers were revised down to reflect a 0.2% mum fall, and a 9.3% YoY fall.
This compares to an initial reading of 0.1% month-over-month rise and a 9.1% YoY fall.
“Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” Lawrence Yun, NAR chief economist said in a press release.
“Moreover, buyer traffic information from our monthly Realtor® survey shows a modest turnaround, and some weather delayed transactions should close in the spring.”
Here’s a look at the regional breakdown:
- In the Northeast the pending home sales index (PHSI) fell 2.4% on the month, and was down 7.4% from a year ago.
- In the Midwest, the index climbed 2.8% on the month btu is down 8.5% on the year.
- In the South, the index was down 4.0% on the month and down 9.3% on the year.
- In the West, the index climbed 2.3% on the month and is down 16.5% on the year.
The index is considered to be a leading indicator for future existing home sales. The Commerce Department expects that 80% of signings will become existing home sales transactions within two months.
Here’s a look at the continued decline in pending home sales: