Pending home sales drop in April

Pending home sales declined during April.According to the National Association of Realtors' most recent information, pending home sales during April experienced a decline.The NAR Pending Home Sales Index revealed a 11.6 percent drop in April, settling at 81.9. The overall total is down from 92.6 in March. Overall, April's total is down 26.5 percent year-over-year, when the index peaked in April 2010 at 111.5. However, this figure is supported by the the tax break the government was handing out to first-time homebuyers. Thus, many were rushing to beat the deadline to receive the aid.?The Pending Home Sales Index measures only contract signings and does not account for closings, which can take up to one or two months.?”The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months,” said Lawrence Yun, NAR's chief economist. “The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years, and a sudden rise in unemployment claims.”In Texas, however, unemployment has declined recently. A recent report from Texas A&M University revealed that more than 254,000 jobs were added in the state during the last 12 months. Furthermore, adding optimism to the Houston real estate market, the city had 50,000 more jobs available in February than the previous year's same period, Metrostudy reported.Courtesy of 2M Realty News

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