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Pending home sales fell in April after two consecutive months of gains. According to the National Association of Realtors’ Pending Home Sales Index, pending sales, which reflect contracts not closings, dropped 11.6 percent from March. Lawrence Yun, NAR’s chief economist, said the economy hit a soft patch in April due to sharply rising oil prices, severe weather, and a rise in unemployment claims, which may have caused the dip in contracts. Yun believes the decline is due to temporary factors and, even with favorable affordability conditions and pent-up demand, the housing recovery will continue to be uneven. More here.
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