US Pending Home Sales Drop 7.7% in April

On Thursday, the National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for April. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—fell 7.7% month-over-month, dropping to a reading of 72.3. Year-over-year, pending homes sales were down 7.4%.

All four regions posted both monthly and annual losses in April, NAR said.

  • The Northeast declined 3.5% to a reading of 62.9 and was 3.1% lower than April 2023.
  • The Midwest fell 9.5% to a reading of 70.7 in April and was down 8.7% year-over-year.
  • The South dropped 7.6% to a reading of 88.6 and was 8.2% below the April 2023 level.
  • The West decreased 8.5% to a reading of 55.9 and was down 7.3% year-over-year.

An index of 100 is equal to the level of contract activity in 2001.

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