Feb. US home contract signings tumble, now lag year-ago pace

March 31, 2021 Updated Wed., March 31, 2021 at 6:55 p.m.

By Matt Ott AP Business Writer

Associated Press

SILVER SPRING, Md. – The number of Americans who signed contracts to buy homes in February fell by the most since last year’s virus outbreak sent the economy into freefall.

The National Association of Realtors’ index of pending home sales tumbled 10.6% to 110.3 in February, its lowest level since May of last year.

Combined with a 2.4% dip in January, contract signings are now 0.5% behind where they were last year after eight straight months of year-over-year gains. They are considered a barometer of purchases that will take place in the next two months.