Realtors' group says its index of homes under contract to sell fell sharply in February.
An index of homes under contract for sale fell more than expected in February, reaching the lowest level since the index's 2001 debut, according to a report released Tuesday.
The National Association of Realtors' (NAR) Pending Home Sales Index fell to 84.6 in February, down 1.9% from a revised reading of 86.2 in January and down 21.4% versus the same period last year.
Economists were expecting the index to decline to 85.2 for the month, according to a consensus estimate compiled by Briefing.com.
"The slip in pending home sales implies we're not out of the woods yet," said Lawrence Yun, NAR chief economist, in a statement.
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