The latest pending home sales data tracked by the National Association of Realtors signals modest slowing in the housing market over the next few months, according to a recent report. In March, the Pending Home Sales Index, which gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed, decreased 6% from the reading one year earlier. March’s PHSI also fell 1.2% from February’s reading.

The PHSI declined across the nation in March. On a regional basis, the PHSI was highest in the South, where it edged down 1.6% from one year earlier. In the West, the index fell 13.3%. The PHSI also declined in the Northeast and Midwest regions.