NAR: April pending home sales 'disappointing'

Index shows homes under contract down 26.5% from year ago

By Inman News, Friday, May 27, 2011.

Inman News™

Flickr image courtesy of Ian Muttoo.

Pending home sales fell 11.6 percent from March to April and were down 26.5 percent from a year ago, when homebuyers were rushing to beat the expiration of federal homebuyer tax credits, according to the National Association of Realtors’ Pending Home Sales Index.

The index, which tracks homes under contract, is a leading indicator, and the latest data suggest home sales will drop off in May and June.

NAR chief economist Lawrence Yun said the trend in pending home sales is "disappointing," implying a slower-than-expected market recovery in coming months.

Yun said rising oil prices slowed the economy in April — a view shared by other analysts — and he also blamed bad weather.

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