Industry NewsMarkets & Economy

Pending home sales slip in February

NAR: Tight inventory stymied contract signings

Pending sales of existing homes dipped 0.4 percent from January to February, but remained at their second-highest level in nearly three years, according to an index maintained by the National Association of Realtors.NAR's Pending Home Sales Index, which represents existing-home contracts signed but not yet closed, slipped from a downwardly revised 105.2 in January to 104.8 in February. But February's score was still up 8.4 percent from a year earlier, NAR reported.  The report comes a day after the S&P/Case-Shiller 20-City Composite Index posted its highest year-over-year gain in six years. The positive housing news helped drive the Dow Jones Industrial Average to a record high and push the S&P 500 Index to just two points short of its own all-time high. A monthly report released yesterday also showed that new-home sales remained close to the four-year high that they reached in January, dipping 4.6 percent month over month. Tight inventory, which has risen marginally rec...