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Pending home sales slump 7.7% in April

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Pending home sales in April fell 7.7%, according to the National Association of Realtors.

All four U.S. regions registered month-over-month and year-over-year declines.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – decreased to 72.3 in April. Year over year, pending transactions were down 7.4%. An index of 100 equals the level of contract activity in 2001.

“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” NAR Chief Economist Lawrence Yun said. “But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.”