U.S. Pending Home Sales Decline Unexpectedly on Lean Inventory
- April contract signings fall 4.4%, third drop in four months
- All regions except the Midwest posted pending sales declines
Photographer: Daniel Acker/Bloomberg
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U.S. pending home sales fell unexpectedly in April for the third time in the last four months, reflecting a lack of affordable properties that continues to restrain the housing market.
The National Association of Realtors’ index of pending home sales decreased 4.4% from the prior month to 106.2, the lowest reading since May of last year, according to data released Thursday. The median estimate in a Bloomberg survey of economists called for the measure to rise 0.4%.