Pending home sales were down for a second straight month in February, with the National Association of Realtors’ Pending Home Sales Index (PHSI) dropping 10.6% to 110.3.
Each of the four major U.S. regions witnessed month-over-month declines, while results were mixed in the four regions year-over-year.
“The demand for a home purchase is widespread, multiple offers are prevalent and days-on-market are swift but contracts are not clicking due to record-low inventory,” says Lawrence Yun,