The number of signed contracts to buy previously-owned U.S. homes fell for the eighth consecutive month in February, signaling slow real-estate sales over the next few months as the sector has not been able to recover from higher interest rates and a severe winter. The National Association of Realtors (NAR) said its pending home sales index fell 0.8 percent last month to 93.9, the lowest level since October 2011. The index has fallen 10.5 percent over the past 12 months. Pending sales are a gauge of future home purchases. Mortgage rates have risen about one percentage point since May, while much of the United States has experienced an unusually cold and snowy winter. NAR chief economist Lawrence Yun said the effects of bad weather were likely to reverse soon. "Some weather-delayed transactions should close in the spring," he said. Rising home prices and a limited supply of homes on the market also have slowed sales since the index peaked in June. The NAR predicts sales will decline to 5 million this year from 5.1 million in 2013.
