- NAR released a summary of pending home sales data showing that April’s pending home sales pace is down 1.3 percent from last month and are down 3.3 percent from a year ago.
- Pending sales are homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
- All four regions showed declines from a year ago. The Northeast had the smallest decline of 0.6 percent followed by the South 2.3 percent. The West had a decline of 4.2 percent. The Midwest had the biggest decline of 6.1 percent.
- From last month, the only region to have a gain of 5.8 percent in pending sales was the West. The Midwest had the biggest decline of 4.7 percent. The South had a decline of 2.7 percent. The Northeast had the smallest decline of 1.7 percent.
- The pending home sales index level for the month was 109.8 for the US. March’s data was revised down slightly to 111.3.
- In spite of the decline, this is the pending index’s 36th consecutive month over the 100 index level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.