Steep home-price growth hampers February pending sales

Rising home prices and mortgage rates stifled pending home sales in February, according to the National Association of Realtors on Thursday. The Pending Home Sales Index, which is a forward-looking indicator based on contract signings, was 75.6 in February. The maximum score on the scale is 100, which represents the contract activity seen in 2001. February’s performance marks a 7 percent annual decline; however, it is a slight improvment from the previous month (+1.6 percent). Rising home prices and mortgage rates stifled pending home sales in February, according to the National Association of Realtors on Thursday. The Pending Home Sales Index, which is a forward-looking indicator based on contract signings, was 75.6 in February. The maximum score on the scale is 100, which represents the contract activity seen in 2001. February’s performance marks a 7 percent annual decline; however, it is a slight improvment from the previous month (+1.6 percent).