A measure of U.S. home sales based on signed contracts dropped to a 2-year low in April, the latest in a string of data points suggesting the housing market may be heading into choppier waters.
Contracts to buy previously owned homes fell 3.9 percent last month to a reading of 99.3, the National Association of Realtors (NAR) said in a May 26 statement. That’s the sixth consecutive month that NAR’s Pending Home Sales Index has retreated, with April’s reading being the lowest in two years.
