Pending Home Sales MISS EXPECTATIONS, Fall 5.5%

Home Housing Complex Urban Sprawl Ontario

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UPDATE:Pending home sales fell 5.5 per cent in April, reversing a 3.8 per cent gain logged in March, new data out of the National Association of Realtors shows.

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The NAR also revised last month’s gain 30 basis points lower, from an earlier estimate of a 4.1 per cent increase.

The 5.5 per cent sequential decline in April still represents a 14.7 per cent gain from year-ago levels, as the housing market shuddered in 2011.

“Home contract activity has been above year-ago levels now for 12 consecutive months,” Lawrence Yun, NAR chief economist, said. “The housing recovery momentum continues.”

Regionally, the index measuring sales in the West fell sharpest, down 12.0 per cent in April to 94.9. Sales in the Midwest and South declined 0.3 per cent and 6.8 per cent, respectively.

The Northeast was the only region to tally an increase, up 0.9 per cent to 78.9.

ORIGINAL:

Minutes away from the major economic report of the day: pending home sales in the U.S.

Economists forecast a flat reading month-on-month in April.

If that holds, home sales would be 22.0 per cent higher than year ago levels.

The announcement is scheduled for 10:00 a.m.

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