Washington, D.C. (PPD) — The National Association of Realtors (NAR) reported pending home sales posted double-digit declines for the second straight month in April. The decline — both in month-over-month and year-over-year contract activity in every major region — was due to coronavirus and is the largest since the NAR began tracking transaction in January 2001.
The Pending Home Sales Index (PHSI) fell 21.8% to 69.0 in April. Year-over-year, contract signings are now down 33.8%. The PHSI is a forward-looking indicator of home sales based on contract signings and 100 is equal to the level of contract activity in 2001.
“With nearly all states under stay-at-home orders in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases,” said Lawrence Yun, NAR’s chief economist.
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