Pending home sales fell in April with regional variations following increases in February and March, with unusual weather and economic softness adding to ongoing problems that are hobbling a recovery, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 11.6 percent to 81.9 in April from a downwardly revised 92.6 in March. The index is 26.5 percent below a cyclical peak of 111.5 in April 2010 when buyers were rushing to beat the contract deadline for the home buyer tax credit.
In the opinion of the National Association of Realtors chief economist, Lawrence Yun comments that a combination of tight lending practices, spikes in oil prices, severe weather conditions, and unemployment numbers have come together at the same time creating a downward pressure on existing home sale.
To find out more on home sales in your neighborhood, click here.
No comments:
Post a Comment