Pending home sales took a dip in April, falling 1.3 percent, according to the National Association of Realtors’ Pending Home Sales Index.
“With last month’s decrease, the index is down on an annualized basis (2.1 percent) for the fourth straight month,” NAR said in a statement.
NAR Chief Economist Lawrence Yun said in a statement that the market continues to be hindered by a “severe” housing shortage in the U.S. “The unfortunate reality for many home shoppers is that reaching the market will remain challenging if supply stays at these dire levels,” he said.
According to the Index, pending home sales in the Northeast remained unchanged and decreased 3.2 percent in the Midwest. Sales declined 1.0 percent in the South and 0.4 percent in the West.
The NAR Pending Home Sales Index is based on contract signings.
Related:
Sales of Existing Homes Decline 2.5 Percent in April
