The National Association of Realtors stated that pending U.S. home sales fell in February, 2008 to the lowest reading since the index began in 2001. The trade group’s seasonally adjusted index of pending sales for existing homes fell to 84.6 from January 2008's revised reading of 86.2. In 2007 the index stood at 107.6.

Wall Street economists surveyed by Thomson/IFR had predicted the index would inch up to a reading of 86.3.