While the National Association of Realtors Pending Home Sales Index inched up a nominal 0.4 percent from March to April, it’s now running 9.2 percent lower on a year-over-year basis versus 8.0 percent lower last month.
At the same time, the inventory level of homes for sale across the U.S. increased 8.6 percent and is running 14.2 percent higher on a year-over-year basis versus 9.5 percent higher last month.
The Pending Home Sales index for the West declined 2.9 percent from March to April and is now 15.0 percent lower versus April 2013.