By Brooklee Han | Real Trends
Pending home sales continued spiraling downward in April, a 3.9% decrease from a month prior, resulting in an index reading of 99.3, according to data released Thursday by the National Association of Realtors.
In March the index’s reading was 103.7. An index of 100 is equal to the level of contract activity in 2001.
The decline marked the sixth consecutive month of decreases and the 11th consecutive month of year-over-year drops for the Pending Home Sales Index. According to NAR chief economist Lawrence Yun, it’s the slowest pace of contract signings in nearly a decade.
