The inventory of single-family properties that are under contract eased last month, with pending home sales in the Northeast and West leading the weakening.

On a seasonally adjusted basis, the Pending Home Sales Index was 111.4 as of March 2017. The index is an indication of upcoming sales based on contract signings.

Pending home sales eased from the preceding month by less than a percent. Compared to the same month last year, however, the index inched up less than a percent.

Source: Mortgage Daily