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.