US pending home sales remain flat in April
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12:40 24/12/24
Home sales in the US were flat last month amid limited inventory and due to the hurdle posed by affordability.
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12:54 24/12/24
The National Association of Realtors's Pending Home Sales Index was unchanged from the month before at 78.9 in April.
Economists polled by Dow Jones Newswires had forecast a rise of 0.8%.
"Not all buying interests are being completed due to limited inventory," said NAR chief economist Lawrence Yun.
"Affordability challenges certainly remain and continue to hold back contract signings, but a sizeable increase in housing inventory will be critical to get more Americans moving."
The PHSI rose in three of the US's four geographical regions but declined by 11.3% on the month on the Northeast.
A home sale is classed as pending once a contract has been signed but the transaction has yet to go through.