The National Association of Realtor’s February index of pending home sales has fallen to an all-time low, falling 1.9% from January levels. The drop was nearly double what was expected by economists.
Overall, pending sales were down 21.4% from last year’s levels.
The index measures contracts signed, and not actual closings. It is therefore considered a forward-looking indicator of the overall housing market.
Photo: maybe, originally uploaded by Tal Bright.