The National Association of Realtors released its pending US home sales index with a decline. The home sales index dropped to a new low in March, signaling the housing slump is still in the air even during spring when home sales are relatively up compared to the rest of year. Spring selling season may not be evident this year.

The National Association of Realtors' seasonally adjusted index of pending sales for existing homes fell to 83.0 from a sliding revised February index of 83.8, which was the previous low. The index dipped more than 20% compared to March 2007 reading of 103.9.

A reading of 100 is equal to the average level of sales activity in 2001, when the index started.

Falling home prices and a tight credit environment are still the main hindrance to the housing market recovery. It has made potential buyers wait for the slump to be over.