Having dropped to a 39-month low at the beginning of the year, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, ticked up 3.1 percent in February to 107.5 but remains 4.1 percent lower versus the same time last year and 4.3 percent below last year’s high of 112.3.

At the same time, the inventory of unsold homes listed for sale across the nation has ticked up 4.9 percent over the past two months to 1.29 million but remains 7.5 percent lower on a year-over-year basis versus 12.5 percent lower on a year-over-year basis at the same time last year.

And out West, the Pending Home Sale Index inched up 0.4 percent in February to a below average 96.9 and remains 2.2 percent below its mark at the same time last year.

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