Pending Home Sales Down In February
Pending home sales in the United States fell slightly from January to February but remained higher than a year before, according to the National Association of Realtors.
NAR's Pending Home Sales Index, which is based on contract signings, dropped to 96.5 in February from 97 in January but remained well above its February 2011 level of 88.4.
In general, the association said things are looking up for home sales this year. The group predicts a 7 to 10 percent rise in sales in 2012.
In the Northeast, the Pending Home Sales Index dropped 0.6 percent to 77.7 in February, but that's 18.4 percent up from the same month last year.
Pending home sales, a forward-looking indicator, mirrored trends the U.S. Commerce Department reported in completed sales last week.
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