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.