Pending home sales at lowest level since October 2011

|By:, SA News Editor

The Pending Home Sales Index fell 0.8% in February to 93.9, is off 10.5% on a Y/Y basis, and at the lowest level since October 2011. No surprise, the NAR's Larry Yun blames the weather - the Northeast index fell 2.4%, the South index fell 4%. But the Midwest - no stranger to horrid February conditions - rose 2.8%.

Bill McBride offers up some additional reasons, namely fewer distressed sales and less investor buying. Previous: Blackstone slows home buying binge.

McBride also reminds what really matters for the economy and employment is new home sales and housing starts (tell that to real estate agents like RMAX and title insurers like FAF and FNF).