U.S. pending home sales decrease 1.0 pct in February

CHICAGO, March 28 (Xinhua) -- U.S. pending home sales dipped 1.0 percent in February, the National Association of Realtors (NAR) said Thursday.

The Pending Home Sales Index dropped 1.0 percent to 101.9 in February, down from 102.9 in January.

Lawrence Yun, NAR chief economist, said February's pending home sales decline is coming off a solid gain in the prior month.

"In January, pending contracts were up close to 5 percent, so this month's 1 percent drop is not a significant concern," according to Yun.

Yun added that he does not anticipate any interest rate increases from the Federal Reserve in 2019, which will help mortgage rates stay at attractive levels.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.