Pending sales of existing U.S. homes fell in April to their lowest marks in four years, according a National Association of Realtors index released today.
The index based on signed purchase agreements in April fell
to 101.4, a drop of 3.2% for the month. The index was down 4.5% in March and
currently stands 10.2% lower than April last year.
The index is considered a leading indicator since it
tracks contract signings. The association also tracks closings. The group
reported last week that existing home sales dropped 2.6% in April, the lowest
level in four years.
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