Logo of the National Association of Realtors. (Photo credit: Wikipedia)

Pending Home Sales

The National Association of Realtors recently announced that the Pending Home Sales Index for the month of February dropped to 104.8 points. This translates a 0.4 percent drop from the January sales index. However, the NAR emphasized that this is not an indication that the recovery of the housing market is stalling. This index is based on the number of contracts to buy pre-owned homes in the US. While the number of contracts might have reduced, the Pending Home Sales Index for the month of February is still at the second highest level in more than three years.