Following a strong March increase, Pending Home Sales fell 6.3% in April, according to the National Association of REALTORS®(NAR). This key housing market indicator tracks signed contracts on existing homes and typically forecasts closing activity in thenext 1-2 months.
What’s the bottom line?
Contract signings decreased across all four U.S. regions. NAR’s Chief Economist Lawrence Yun explained, “Despite an increase in housing inventory, we are not seeing higher home sales.” While inventory remains well below pre-pandemic levels, Yun noted the recent supply increase means “buyers in nearly every region of the country are in a better position to negotiate more favorable terms.”