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May 30, 2012

Pending Home Sales Slump in U.S.

A gauge of the number of Americans who signed contracts to buy homes fell in April from nearly a two-year high in the previous month.

The decline was the biggest in a year. Still, sales are well ahead of last year’s level for the same month, suggesting the housing market is improving slowly.

The National Association of Realtors said Wednesday that its index of sales agreements dropped to 95.5 points, down from March’s reading of 101.1.

A reading of 100 is considered healthy. One year ago, the level was 83.5 points.

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