“Dire” Supply Levels Pull Pending Home Sales Lower

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Posted To: MND NewsWire

Pending home sales, like both new and existing home sales reported earlier this month, posted an April loss. The National Association of Realtors® said its Pending Home Sales Index (PHSI) declined 1.3 percent in April , down from its March reading of 107.8 (revised from 107.6) to 106.4. The index, a leading indicator of existing homes sales, had posted modest increases in each of the previous two months. The PHSI is down 2.1 percent from its level in April 2017. It was the fourth straight month the index has lagged on an annual basis. Analysts had expected pending sales to extend their winning streak. The consensus of those polled by Econoday was a monthly gain of 0.4 percent. The range of estimates was from unchanged to a 1.0 percent increase. Lawrence Yun, NAR chief economist, says the…(read more)

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