Pending sales of existing U.S. homes fell in April to their lowest marks in four years, according a National Association of Realtors index released today.
The index based on signed purchase agreements in April fell
to 101.4, a drop of 3.2 percent for the month. The index was down 4.5 percent
in March and currently stands 10.2 percent lower than April last year.
The index is considered a leading indicator since it
tracks contract signings. The association also tracks closings. The group
reported last week that existing home sales dropped 2.6 percent in April, the
lowest level in four years.