Pending home sales in the U.S. unexpectedly showed a notable decrease in the month of April, according to a report released by the National Association of Realtors on Wednesday, with the drop coming after three consecutive monthly gains.
NAR said its pending home sales index tumbled 5.5 percent to 95.5 in April from a downwardly revised 101.1 in March. The drop by the index surprised economists, who had expected pending home sales to edge up by 0.5 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
by RTT Staff Writer
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