May 31, 2018 / 2:02 PM / 24 days ago

U.S. pending home sales fall in April

WASHINGTON (Reuters) - Contracts to buy previously owned homes fell in April, the National Association of Realtors said on Thursday.

FILE PHOTO: Single family homes are shown under construction in San Diego, California, U.S., April 17, 2017. REUTERS/Mike Blake/File Photo

The NAR’s pending home sales index decreased to a reading of 106.4, down 1.3 percent from the prior month. March’s index was revised to 107.8 from 107.6.

Economists polled by Reuters had forecast pending home sales rising 0.4 percent last month.

Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later.Compared to April of 2017, pending sales were down 2.1 percent.

Reporting by Jason Lange, Editing by Andrea Ricci

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