WASHINGTON, May 29, 2025 (GLOBE NEWSWIRE) — Key Highlights
- Pending home sales in April dropped 6.3%.
- Compared to one month ago, pending home sales fell in all four U.S. regions.
- Year-over-year, contract signings ascended in the Midwest. Conversely, the Northeast, South and West reduced – with the biggest downswing in the West, followed by the South.
Pending home sales decreased 6.3% in April, according to the National Association of Realtors®. All four U.S. regions experienced month-over-month losses in transactions. Year-over-year, contract signings rose in the Midwest but descended in the Northeast, South and West – with the West suffering the greatest loss.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – dove 6.3% to 71.3 in April. Year-over-year, pending transactions retracted by 2.5%. An index of 100 is equal to the level of contract activity in 2001.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun. “Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market.”
Pending Home Sales Regional Breakdown
The Northeast PHSI decreased 0.6% from last month to 62.1, down 3.0% from April …