Contracts to buy homes fall for 8th straight month
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WASHINGTON (AP) - The number of Americans who signed contracts to buy homes fell for the eighth straight month in February, a sign of slow real estate sales over the next few months.
The National Association of Realtors says its seasonally adjusted pending home sales index dropped 0.8% to 93.9. The index has fallen 10.5% over the past 12 months.
Pending sales are a barometer of future purchases: A one- to two-month lag usually exists between a signed contract and a completed sale.
Higher mortgage rates, rising prices and a limited supply of homes have slowed sales since the index peaked in June. Snowstorms appear to have crimped purchases in the Northeast.
The Realtors, a trade group, predict sales will slip to 5 million this year from 5.1 million in 2013.
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