U.S. pending home sales fall; housing market recovery intact

Contracts to buy previously owned U.S. homes fell for a second straight month in April amid a supply squeeze, but the housing market recovery remains supported by a strong labor market. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, dropped 1.3 percent to 109.8. Contracts fell in the Northeast, Midwest and South, but surged 5.8 percent in the West.


Source: Reuters


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