The Pending U.S. home sales fell 4.4% to 106.2 in April, disappointing the 0.8% rise expected by the market. In March the indicator increased 1.7% (revised from 1.9%).
Pending home sales took a step back in April, according to the National Association of Realtors®. All four U.S. regions posted year-on-year increases, but only the Midwest witnessed monthly gains in terms of pending transactions of housing sales contracts.
Year-on-year, pending home sales rose 51.7%, considering that the US was totally confined to the same month a year ago, bringing sales that month to an all-time low. This result significantly exceeds the estimated 12% and the 23.3% increase in March.
“Contract signings are approaching pre-pandemic levels after the big increase due to a lack of sufficient supply of affordable housing,” said Lawrence Yun, chief economist at NAR. “The high-end market is still bumpy as inventory is more plentiful there.”
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