NEW YORK (CNNMoney.com) -- An index of homes under contract for sale fell more than expected in February, reaching a record low, according to a report released Tuesday.
The National Association of Realtors' (NAR) Pending Home Sales Index fell to 84.6 in February, down 1.9% from a revised reading of 86.2 in January and down 21.4% versus the same period last year.
Economists were expecting the index to decline to 85.2 for the month, according to a consensus estimate compiled by Briefing.com.
"The slip in pending home sales implies we're not out of the woods yet," said Lawrence Yun, NAR chief economist, in a statement.
The Pending Home Sales Index is considered a more forward-looking indicator of home sales than the NAR's more closely watched existing home sales report, which tracks sales at the time of closing, typically a month or two after a sales contract is signed.
The Realtors revised their forecast slightly for existing home sales, projecting first-quarter existing home sales to decline 23.1% versus the same period last year after saying in March they would decline 23.2%.
For the full year, the NAR predicted existing home sales to be 4.7% lower than in 2007, after saying in March they would be down 4.8%.
Existing home sales for March will be released April 22
The Realtors also lowered its forecasts for first-quarter and full-year real GDP growth, the broadest measure of the nation's economic strength. It also cut its expectations for nonfarm job growth in the first-quarter and full-year periods. See Also
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