Bad news today for the housing market. The Pending Homes Sales Index of the National Association of Realtors, which is based on contracts signed in February, fell 1.9% to 84.6. That was its lowest reading since the series began in 1999. It was down from an upwardly revised reading of 86.2 in January. It was also down 21.4% from the same period a year earlier.
Lawrence Yun, the Realtors’ upbeat chief economist, gave the figures a positive interpretation, saying in a press release:
“The slip in pending home sales implies we’re not out of the woods yet, though an era of successive deep sales declines appears to be over.”