Following two consecutive months of modest increases, the National Association of Realtors (NAR) reported a sizable decline in pending home sales during April 2011. The Pending Home Sales Index (PHSI) fell to 81.9 in April, an 11.6% drop from a downwardly revised 92.6 in March. On a year-over-year basis, the PHSI is 26.5% below its April 2010 reading, but this is not a good comparison since home buyers were trying to purchase ahead of the federal home buyer tax credit’s contract deadline.
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Source: National Association of Home Builders
