Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the economy and housing are closely related, "Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales. We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit." The Pending Homes Sales Index indicates that year over year:

• Northest -- down 19.7 percent

• Midwest -- down 13.8 percent

• South -- down 9.1 percent

• West -- up 13.5 percent

Published: March 6, 2009

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