Indications of a longer US housing market’s slump are still observed. The usual effects of spring season which usually brings in increased sales was not felt this year and a recovery is perceived to be more that a year from now.

The National Association of Realtors’ pending home sales index, released today, declined by 4.7 percent in May to 84.7 from the rising revised April reading of 88.9. The May’s index is the third-lowest reading on record in the index history.

The index was 14 percent down compared to last year's level. Pending home sales are homes which the seller has accepted an offer, but the deal has not yet closed.

The decline “suggests we are not out of the woods by any means,” said the trade group’s chief economist Lawrence Yun.

Pending home sales fell in all regions. In the West, they declined 1.3% during May but remain 2% above year-ago levels.

Sharpest declines were in the South, where May pending home sales dipped 7.1%. Northeast and Midwest declines are 2.9% and 6% respectively.