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  • Writer's pictureKimone Vassell

Pending home sales in April fell 7.7%, according to the National Association of REALTORS®.

All four U.S. regions registered month-over-month and year-over-year decreases. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – decreased to 72.3 in April. Year over year, pending transactions were down 7.4%. An index of 100 is equal to the level of contract activity in 2001. The Northeast PHSI fell 3.5% from last month to 62.9, a decline of 3.1% from April 2023.

 

The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market," said NAR Chief Economist Lawrence Yun. "But the Federal Reserve's anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply."



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