Economic Buzz: US pending home sales slide 6.3% on year in April

The US pending home sales decreased 6.3% in April, according to the National Association of REALTORS (NAR). All four U.S. regions experienced month-over-month losses in transactions. Year-over-year, contract signings rose in the Midwest but descended in the Northeast, South and West ? with the West suffering the greatest loss. The Pending Home Sales Index (PHSI) ? a forward-looking indicator of home sales based on contract signings ? tanked 6.3% to 71.3 in April. Year-over-year, pending transactions retracted by 2.5%. An index of 100 is equal to the level of contract activity in 2001.

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