Pending home sales slid in April to their third-lowest level over the past year according to the latest Pending Home Sales Index data released by the National Association of Realtors (NAR) on Thursday. The report indicated that the index declined 1.3 percent in April to 106.4 from an upwardly revised 107.8 in March. On a year over year basis, the index was down 2.1 percent and declined for the fourth straight month.
"Pending sales slipped in April and continued to stay within the same narrow range with little signs of breaking out," said Lawrence Yun, Chief Economist at NAR. "Listings are typically going under contract in under a month and instances of multiple offers are increasingly common and pushing prices higher."
Watch what Yun had to say about the other factors that impacted pending home sales and his take on the housing market: