Having rebounded 5.5 percent in February, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, slipped 0.8 percent in March to 111.4, which is 0.8 percent higher than at the same time last year.

And in the West, the index dropped 2.9 percent to a below average 94.5, which is 2.7 percent below the same time last year and versus 5.0 percent higher on a year-over-year basis at the end of 2016.

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