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- U.S. pending home sales unexpectedly decrease in April
U.S. pending home sales unexpectedly decrease in April
The National
Association of Realtors (NAR) announced on Thursday its seasonally adjusted
pending home sales index (PHSI) fell 1.5 percent m-o-m to 104.3 in April, down
from 105.9 in March.
Economists had
expected pending home sales to rise 0.9 percent m-o-m in April.
On y-o-y
basis, the index dropped 2.0 percent. That was the 16th consecutive month of
annual declines.
According to
the report, the pending home sales declined in three of the four regions in
m-o-m terms but fell in all regions compared to April 2018. Pending home sales
in the South dropped 2.5 percent m-o-m to an index of 124.0 in April, which is
1.8 percent lower than last April. The PHSI in the Northeast went down 1.8
percent m-o-m to 88.9 in April and is now 2.1 percent below a year ago. The
index in the West decreased 1.8 percent m-o-m in April to 93.5 and fell only
1.5 percent below a year ago. Meanwhile, the index in the West dropped 1.8 percent
m-o-m in April to 93.5 and fell only 1.5 percent below a year ago.
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