Pending home sales were
sluggish in April as low supply reared its head, down 1.3 percent in the
National Association of REALTORS® (NAR) Pending
Home Sales Index (PHSI). The PHSI posted 109.8 in April, down from
111.3 in March. The Index is based on contract signings.
"Much of the country for the second straight month saw a pullback in
pending sales as the rate of new listings continues to lag the quicker pace of
homes coming off the market," says Lawrence Yun, chief economist at NAR.
"REALTORS® are indicating that foot traffic is higher
than a year ago, but it's obviously not translating to more sales.
The West fared best in
April, with pending home sales up 5.8 percent to an Index reading of 100.0,
though still down 4.2 percent from one year ago. The Midwest saw a 4.7 percent
decrease in the Index to 104.4, while the South saw a 2.7 percent decrease to
125.9, and the Northeast, a 1.7 percent decrease to 97.2.
Scarce supply will remain the status quo, according to Yun, unless more homes
are made available, especially from the investor side.
For more information, please
visit www.nar.realtor
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