Pending Home Sales Decline in April

The United States Pending Home Sales Index declined by 4.4% on a monthly basis in April, data showed on Thursday.

The decrease resulted from a record-low supply of homes available for sale during the first quarter of the year, according to the National Association of Realtors (NAR).

This comes against analyst expectations of a rise by about 0.4%, according to a recent market survey by Bloomberg.

“Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes.”