Call it a Spring stall?
The National Association of Realtors reports that pending home sales remained unchanged in April when compared to March 2023.
The Pending Home Sales Index remained at 78.9 in April, posting no change from the previous month. Year over year, pending transactions dropped by 20.3 percent. An index of 100 is equal to the level of contract activity in 2001.
“Not all buying interests are being completed due to limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges certainly remain and continue to hold back contract signings, but a sizeable increase in housing inventory will be critical to get more Americans moving.”
Month over month, contract signings improved in three U.S. regions but dropped in the Northeast. The West index augmented 4.7 percent in April to 62.2, sliding 26 percent from April 2022.