"The drop in pending home sales is clearly disappointing"
- Pierre Ellis, an economist at Decision Economics
Month on month pending home sales dropped in April by the most in a year, announced the National Association of Realtors on Wednesday. The index measuring home sales declined 5.5 per cent to 95.5, after rising a downwardly revised 3.8 per cent in March.
"The pattern of demand is sluggish and volatile," said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York.
"Until the supply issue is resolved, we could see further declines in prices and the housing market will continue to hover around the bottom. It'll be a gradual improvement, we don't expect anything stronger than that."
"The drop in pending home sales is clearly disappointing," said Pierre Ellis, an economist at Decision Economics in New York. "It remains to be seen whether this is the beginning of a real downturn."
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