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US's pending home sales fell by 4.1% for the 4th straight month in February

Posted on April 4, 2022   |  

  • Pending Homes Sales Index (PHSI), which is based on marked real estate contracts, for existing single-family homes, condominiums, and co-ops, dropped by 4.1% in February from January to a reading of 104.9, which is the fourth consecutive month of decline.
  • Contract signings were down in 3 out of 4 regions, with only the Northeast registering again but year-over-year contract signings fell by 5.4%.
  • Pending transactions decreased in February due to the low number of homes for sale as home prices are continuously soaring.