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Pending Home Sales Fall in February Due to Low Inventory

“WASHINGTON (Reuters) – Contracts to buy previously owned homes fell in February, held back by a shortage of properties, but there is little to suggest that the housing market recovery is stalling.

The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, slipped 0.4 percent to 104.8. Still, contracts last month remained at the second highest level in nearly three years.

Economists polled by Reuters had expected signed contracts, which become sales after a month or two, to dip 0.2 percent after a previously reported 4.5 percent jump in January.

The Realtors group blamed the pullback to a shortage of homes for sale. The supply squeeze is helping to push up home prices, putting a solid foundation under the housing recovery….”

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