Pending Home Sales Sluggish as Low Supply Rears Its Head

Pending home sales were sluggish in April as low supply reared its head, down 1.3 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). The PHSI posted 109.8 in April, down from 111.3 in March. The Index is based on contract signings.“Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” says Lawrence Yun, chief economist at