The National Association of Realtors (NAR) announced that the pending home sales index dropped 7.6 percent to a reading of 90.4. NAR said the initial drop as well as additional declines are expected from abnormal weather conditions.
“January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” said Lawrence Yun, chief economist, NAR.
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