Pending home sales in the United States were proceeding at a healthy pace in February, according to the National Association of Realtors. However, the organization said the data doesn't capture the potential effects of the coronavirus pandemic in the following months.

The Pending Home Sales Index for the month stood at 111.5 in February, up 2.4 percent from January and a year-over-year increase of 9.4 percent. An index of 100 is equal to sales activity in 2001, where existing home sales fell within a range of 5 million to 5.5 million – considered normal for the current U.S. population.

A pending sale is a transaction where a contract has been signed but the home sale has not yet been finalized, an action which typically takes place within a couple of months. While this makes pending sales a useful indicator of home sales activity in the near future, February's reading was taken on the eve of widespread business closures and other steps taken to limit the spread of the COVID-19 coronavirus.

"February's pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown," said Lawrence Yun, chief economist at the National Association of Realtors. "Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage and we may get a V-shaped robust recovery later in the year."

Yun said he is also optimistic that housing transactions can proceed during social distancing protocols through methods such as virtual tours, electronic signatures, and drive-by home appraisals. He said sales that are delayed this spring may simply be delayed until the summer or fall, causing spikes in home sales during these seasons.

In the Northeast, the Pending Home Sales Index increased 2.8 percent from the previous month and 5.9 percent from the previous year to 96.3. The index in the Midwest rose 4.5 percent from January and soared 14.9 percent from February 2019 to 110.1.

The South's index rose just 0.1 percent to 129.2, though this also marked a year-over-year gain of 7.1 percent. In the West, the Pending Home Sales Index increased 4.6 percent from January and 10.8 percent from February 2019 to 97.1.