Pending Home Sales in U.S. Slip in April

According to the National Association of Realtors, U.S. pending home sales declined in April 2019, a modest change from the growth seen a month before. Only one of the four major regions - the Midwest - experienced growth, while the remaining three regions reported a drop in their respective contract activity. The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.5% to 104.3 in April, down from 105.9 in March. Year-over-year contract signings declined 2.0%, making this the 16th straight month of annual decreases.Lawrence Yun, NAR chief economist, said the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates. "Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising," he said. "It's inevitable for sales to turn higher in a few months."