Real Estate Update

It might have been the bad weather in much of the country or the weakening economy: Pending home sales were down in April after gains in February and March, the National Association of Realtors reported today.

The group's Pending Home Sales Index -- based on signed deals that haven't closed yet -- was down 11.6 percent from March and 26.5 percent from April 2010, when the market benefited from tax credits for many homebuyers.

"The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months," Lawrence Yun, the group's chief economist, said in a news release. "The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years, and a sudden rise in unemployment claims."
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