NAR released a summary of pending home sales data showing that April's pending home sales pace showed no movement from last month but fell 20.3% from a year ago.
Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.
All four regions showed double-digit declines from a year ago. The West had the largest dip of 26.0%, followed by the Northeast with a drop in contract signings of 21.8%. The Midwest fell 21.4%, followed by the South with the smallest decline of 16.7%.
From last month, three of the four regions showed increases in contract signings. The Northeast region had the only decline of 11.3%. The West had the largest increase of 4.7%, followed by the Midwest, with an increase of 3.6%. The South had the smallest gain of 0.1%.
The U.S. pending home sales index level for the month of April was 78.9. March's pending sales figures were revised to 78.9.
April's contract signings bring the pending index below the 100-level mark for the thirteenth consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.