Pending home sales index declines in April - MarketWatch
An index of pending home sales fell in April for the first time in
four months, the National Association of Realtors said Wednesday. The
index dropped 5.5% to 95.5 from a downwardly revised 101.1 in March.
March's pending home sales index was initially reported to be 101.4. Yet
pending sales are still 14.4% higher compared to one year earlier, NAR
noted. "Home contract activity has been above year-ago levels now for 12
consecutive months. The housing recovery momentum continues," said
Lawrence Yun, the trade group's chief economist. A sale is listed as
pending after a contract is signed but the deal has not closed, though
the purchase usually is completed within a few months. For the full
year, NAR predicts that existing-home sales will reach 4.66 million, up
from 4.26 million in 2011. And sales of existing homes are expected to
climb to 4.92 million in 2013. Home prices, meanwhile, could rise 2%-3%
in 2011 and 4%-5% in 2013, NAR forecast.
Well the housing recovery was fun while it lasted.
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