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5/26, 4:00 PM (Source: TeleTrader)
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US pending home sales down to 2-year low in April

Pending home sales in the United States declined more than expected 3.9% in April compared to the previous month to mark the sixth consecutive month of declines, according to a report published by the National Association of Realtors on Thursday.

The pending sales rose in the Midwest, but decreased in the other three major regions. On an annual basis, pending sales have seen a decline for the eleventh month in a row, this time 9.1% with a drop recorded in all four regions.

"Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings... The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade," NAR's economist Lawrence Yun noted.

Baha Breaking News (BBN) / ND