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NAR released a summary of pending home sales data showing that April’s pending home sales fell 7.7% from last month and decreased 7.4% from a year ago.
Pending sales, which are homes with a signed contract to purchase but yet to close, serve as a leading indicator for existing-home sales data, typically preceding it by 1 to 2 months.
All four regions showed declines from a year ago. The Midwest region had the biggest decrease of 8.7%, followed by the South with a decline of 8.2%. The West fell 7.3%, followed by the Northeast with a reduction in sales of 3.1%.
From last month, all four regions showed declines in contract signings. The Midwest had the biggest dip of 9.5%, followed by the West with a decrease of 8.5%. The South fell 7.6%, and the Northeast had a drop in contracts of 3.5%.
The U.S. pending home sales index level for April was 72.3. March's pending sales figures were revised to 78.3.
April's contract signings bring the pending index below the 100-level mark for the 25th consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.
