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NAR: Pending Home Sales Drop in April

  • May 27th 2011

by UrbanTurf Staff

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NAR: Pending Home Sales Drop in April: Figure 1

The National Association of Realtors (NAR) reported today that pending home sales fell 11.6 percent in April, after increases in February and March. The pending sales index measures homes that have gone under contract but not yet closed and so can’t be considered sold. The index is out of a score of 100, with 100 being the average level of contract activity in 2001. In April, it was 81.9.

NAR Chief Economist Lawrence Yun on the drop in pending sales:

“The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months. The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years, and a sudden rise in unemployment claims.”

See other articles related to: national association of realtors, pending home sales

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/nar_pending_home_sales_drop_in_april/3563.

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