The National Association of Realtors (NAR) informed on Thursday its
seasonally adjusted pending home sales index (PHSI) fell 3.9 percent m-o-m to 99.3
in April, following a revised 1.6 percent m-o-m drop (from -1.2 percent m-o-m)
in March. This marked the sixth straight monthly decline in pending home sales.
Economists had expected pending home sales to decline 2.0 percent m-o-m
in April.
On y-o-y basis, the index plunged 9.1 percent after a revised 8.6
percent decline in April. This
was the eleventh consecutive y-o-y fall.
According to the report, three of the four regional indices recorded m-o-m decreases
in April, and all four regions registered y-o-y declines.
The index gauging pending home sales transactions in the Midwest was the
only indicator that increased m-o-m in April, posting a jump of 6.6 percent
m-o-m. On y/y basis, however, the Midwest PHSI decreased 2.2 percent.
Meanwhile, the Northeast PHSI registered the biggest monthly decline of 16.2
percent m-o-m. In y/y terms, the indicator plunged 14.3 percent. In addition, the
South PHSI dropped 4.7 percent m-o-m and 10.3 percent y-o-y, and the West PHSI fell
4.3 percent m-o-m and 10.5 percent y-o-y.