-7.7%
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Pending home sales fell 7.7% in April 2024, with all regions of the U.S. registering month-over-month and year-over-year decreases, and the Midwest and West experiencing the largest monthly declines.
"The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market," said NAR Chief Economist Lawrence Yun. "But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply."
Next release: Pending Home Sales for May 2024 will be released on Thursday, June 27, 2024 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.