Pending Home Sales Slightly Worse Than Expected

NEW YORK ( TheStreet) -- Pending home sales rose 0.4% in April and were 9.2% below last year's pace, according to the National Association of Realtors.

Those numbers fell slightly short of expectations for a 1% monthly rise and an 8.8% drop from a year ago.

"Higher inventory levels are giving buyers more choices, and a slight decline in mortgage interest rates this spring is raising prospective home buyers' confidence," said Lawrence Yun, NAR chief economist. "An uptrend in closed sales is expected, although some months will encounter a modest setback."


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