Having inched up 0.4 percent in March, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, declined 1.3 percent in April to 106.4 in March and is now running 2.1 lower versus the same time last year and 5.3 percent below last year’s high of 112.3.
At the same time, while none of the regions saw a gain in contract activity, the inventory of unsold homes listed for sale across the nation ticked up 9.8 percent to 1.80 million but remains 6.3 percent lower versus the same time last year.
And out West, the Pending Home Sale Index slipped 0.4 percent in April to a below average 94.4 and is now running 4.6 percent lower, year-over-year.