Pending home sales fall for 8th straight month

Pending home sales fell for the eighth straight month in February, but there are signs that the recent housing slowdown may be wrapping up, the National Association of Realtors reported.

NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, dipped a seasonally adjusted 0.8 percent to 93.9 from January to February, and was down 10.5 percent from a year ago.

February’s reading marked the eighth consecutive monthly decline for the index after it crested at 110.8 in June of last year. But NAR Chief Economist Lawrence Yun noted its monthly decreases has slowed recently.

“Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” Yun said. “Moreover, buyer traffic information from our monthly Realtor survey shows a modest turnaround, and some weather delayed transactions should close in the spring.”