A measure of Americans who signed contracts to buy homes dropped slightly in February to the second-highest level in almost three years, the National Association of Realtors said Wednesday, suggesting sales of previously occupied homes will continue to rise in the coming months. The association reported that its seasonally adjusted index for pending home sales fell to 104.8 last month, which was down from 105.2 in January, the highest reading since April 2010, when a homebuyer's tax credit was boosting sales. Generally, there is a one- to two-month lag between a signed contract and a completed sale. In February, completed sales of previously occupied homes rose to the fastest pace in more than three years. The gains in both signed contracts and completed sales indicate that the housing recovery is strengthening.
