Pending home sales dip 0.8% in March

WASHINGTON — Fewer consumers signed contracts to buy U.S. homes last month.

The National Association of Realtors said Thursday that its pending home sales index slipped 0.8 percent to 111.4 in March, from 112.3 in February.

Lawrence Yun, chief economist for the Realtors, said a low supply of homes could mean higher prices in the months ahead.

“Sellers are in the driver’s seat this spring as the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers,” Yun said.

The Realtors reported last week that Americans had purchased homes in March at the fastest pace in over a decade, as more people seek to close deals with home prices on the rise.

Regionally, only the South saw an increase in signed contracts last month, up 2.9 percent. Signed contracts in the Northeast and West both declined 2.9 percent. The Midwest saw a 1.2 percent decline.

Pending sales contracts are a barometer of future purchases.

A sale is typically completed a month or two after a contract is signed.