Pending Home Sales Fall to Lowest Level Since Feb 2003 as Housing Slump Continues

Pending sales of existing homes fell -3.2% MoM (consensus +.3%) to a four year low in April. Pending home sales are based on signed purchase agreements for existing homes. Weakness was focused on the coasts, with sales falling -10.4% in the Northeast and -10.2% in the West, seasonally adjusted. Sales rose +2.3% in the Midwest and +.7% in the South. No home price data is given with this report.