Real Estate

Home sales fall in February ahead of key spring selling season

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A home with a sign indicating that it is under contract to be sold is seen in a neighborhood of downtown Washington.

Jim Bourg | Reuters

In a grim sign for the housing market’s busiest season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January, according to the National Association of Realtors.

Sales were down 5.4% compared with February 2021. Analysts were expecting a slight gain. This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out.

Since this count is based on signed contracts in February, when mortgage rates really started to take off, it is a…



Source cnbc.com

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