The National Association of Realtors is reporting that overall pending home sales declined in April, but predicted higher sales over the next few months. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreased to 104.3 in April, with the Midwest being the only region to experience growth. In addition, they report that year-over-year contract signings declined 2%, marking the 16th straight month of annual decreases.
“Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising…It’s inevitable for sales to turn higher in a few months.” Said Lawrence, Yun, the NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.