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New York

U.S. pending home sales increase, but below expectations

Pending home sales climbed 0.3% month-over-month in April. This missed expectations for a 1.5% rise. On a yearly basis they were up 13.9%, beating expectations for a 13.9% rise.

“The housing market continues to squeak out gains from already very positive conditions.  Pending contracts so far this year easily correspond to higher closed home sales in 2013,” said Lawrence Yun NAR chief economist in a press release.

A regional breakdown showed that the pending home sales index (PHSI) increased the most in the Northeast, up 11.5% on the month, and 17.7% on the year. The PHSI fell the most in the West, down 7.6% on the month and 2.6% on the year.

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March’s reading was revised up modestly to show a 5.9% year-over-year rise.

Here’s a look at how pending home sales have done since 2001:

BI