NJAR®- Pending Home Sales Decline in April, Up From 2011
Pending Home Sales Decline in April, Up From 2011
Pending Home Sales Decline in April but Up Strongly From a Year Ago

Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, declined 5.5 percent from a downwardly revised March but is 14.4 percent above April 2011.  The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions.   “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.

The PHSI in the Northeast rose 0.9 percent in April and is 19.9 percent higher than April 2011.