Washington, DC, March 27, 2014 -- Pending home sales fell 0.8% in February to the lowest level in more than two years, the National Association of Realtors reported Thursday.
It was the eighth consecutive monthly decline.
Modest increases in the Midwest and West were offset by declines in the Northeast and South; all regions are below a year ago.
The index of pending home sales hit 93.9 in February, down from 94.7 in January.
Factors in the slowdown were low inventory, decreasing affordability and severe winter weather.
Nevertheless, the market may be stabilizing, said Lawrence Yun, NAR's chief economist. He said recent buyer-traffic data has been improving, and some deals delayed by the weather should close this spring.