- Contract signings fell for the fourth consecutive month, down 4.1% in February from January.
- Month-over-month, contract signings were down across all regions, except the Northeast.
- Contract signings fell from the previous year for the ninth consecutive month, falling by 5.4%, with pending sales down across all regions.
The National Association of Realtors® released a report showing that pending home sales dipped in February, thus marking the fourth consecutive month of transaction decreases. Three of the four major U.S. regions saw contract signings fall month-over-month, with the Northeast being the only area that reported an increase. All four regions registered a decline in year-over-year contract activity.
“Pending transactions diminished in February mainly due to the low number of homes for sale,” said Lawrence Yun, NAR’s chief economist. “Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale.'”
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