Pending-home sales decline again, deepening housing market funk

• May 31, 2017
• realestate
• Business & Markets, Real Estate Finance

A gauge of home purchase contract signings slumped for a second month in April, another sign the housing market is still struggling for a balance between supply and demand. The pending home sales index from the National Association of Realtors fell 1.3% to a level of 109.8 from a downwardly-revised March reading. The index was 3.3% lower than a year ago in April, marking the first yearly decline since December. Economists had forecast a 0.5% increase in April.