Pending home sales slowed down in May, marking the first time in nearly two years that the measurement declined on a year-over-year basis, according the the latest National Association of REALTORS Pending Home Sales Index.The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, slid 3.7 percent to 110.8 in May from a downwardly revised 115.0 in April and is now slightly lower (0.2 percent) than May 2015 (111.0). With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.

 

The PHSI dropped 5.3 percent in the Northeast to 93 in May and is unchanged from a year ago. Learn more here.