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Home Sales Take a Big Hit, Back to Pre-Covid Levels; Rates Back Near Pre-Covid Highs

Home Sales Take a Big Hit, Back to Pre-Covid Levels; Rates Back Near Pre-Covid Highs

February's pending home sales suffered a double digit month-over-month decline in February and fell below the pace a year earlier for the first time in eight months. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) dropped from 122.8 to 110.3, a decline of 10.6 percent from January and 0.5 percent compared to February 2020. The PHSI reflects contracts to purchase existing single-family houses, townhomes, condos, and cooperative apartments and is a leading indicator of existing home sales over the following one to two months. The PHSI has been trending down since peaking at 130.3 in August and analysts were anticipating further weakness , although the size of February's decline was not reflected in their forecasts. The consensus of those polled by Econoday
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