Pending home sales were down in every region except the Northeast, where contract signings increased nearly 2% between January and February. The largest decline occurred in the Midwest, where the index measuring contract-signing activity declined 6%.
The numbers: Pending home sales slid 4.1% in February, according to the monthly index released by the National Association of Realtors. The index reflects transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.Key details: Compared to a year earlier, pending home sales were down 5.4%.
The big picture: Lawrence Yun, chief economist for the National Association of Realtors, attributed the index’s decrease in February to the low supply of homes listed for sale. “Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale,'” he said, adding that he expects a 7% drop in home sales in 2022 versus the year prior.
Economists expect that the increase in interest rates will cause the market to cool, which could slow the fast pace of home-price growth seen over the past couple of years.
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