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US pending home sales drop for 2nd straight month in April

U.S. pending home sales, based on contract signings, fell for the second consecutive month in April, as the rate of new listings continues to lag the quicker pace of homes going off the market, the U.S. National Association of Realtors reported May 31.

The pending home sales index slid 1.3% to 109.8 in April from a downward revised 111.3 the previous month. The index is now 3.3% down year over year, the first annual decline since December 2016 and the biggest drop since June 2014.

Lawrence Yun, NAR chief economist, projects existing home sales to be roughly 5.64 million in 2017, a 3.5% rise from 2016, with an expected median price hike of about 5%. In 2016, existing sales increased 3.8% and prices rose 5.1%.