In an about-face from March, April’s pending home sales slid 1.5 percent, according to the National Association of REALTORS® Pending Home Sales Index, based on contract signings. The decline persisted year-over-year, as well, with sales slipping 2 percent.
“Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,” says Lawrence Yun, chief economist at NAR. “It’s inevitable for sales to turn higher in a few months.
“Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000,” Yun says. “Price conditions are soft on the upper-end, especially in high-tax states like Connecticut, New York and Illinois. We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable.”
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