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Pending home sales were an increasingly elusive concept in May, according to new data from the National Association of Realtors (NAR).

The trade group’s Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – was down by 2.7% from April to a reading of 76.5 in May – an index of 100 is equal to the level of contract activity in 2001. Year-over-year pending transactions were down by 22.2%.

Regionally, only the PHSI for the Northeast was up between April and May, but all four regions tracked by NAR (Northeast, Midwest, South and West) were down year-over-year.

“Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,” said NAR Chief Economist Lawrence Yun, “The lack of housing inventory continues to prevent housing demand from being fully realized. It is encouraging that homebuilders have ramped up production, but the supply from new construction takes time and remains insufficient. There should be more focus on boosting existing-home inventory with temporary tax incentive measures.”