Widget Image
Follow PPD Social Media
Follow Us:
Thursday, July 2, 2020
HomeNewsEconomyPending Home Sales Post Largest Decline on Record in April, Down 21.8%

Pending Home Sales Post Largest Decline on Record in April, Down 21.8%

A photo of a home pending for sale with sale pending on a realty sign. (Photo: AdobeStock)

Pending Home Sales Index (PHSI) Post Double-Digit Decline for Second Straight Month Due to Coronavirus

A photo of a home pending for sale with sale pending on a realty sign. (Photo: AdobeStock)
A photo of a home pending for sale with sale pending on a realty sign. (Photo: AdobeStock)

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.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial