pending home sales continue to slow

maybe if people would price their homes reasonably,
they wouldn't sit on the market so long!!

Pending home sales fell for the third consecutive month in April, according to a recent report from NAR. In April, the Pending Home Sales Index (PHSI), which gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed, decreased 11.7 percent to 111.8 from the reading one year earlier.

April's PHSI also fell 3.7 percent from March's reading of 116.1. An index of 100 or more generally indicates a high level of home sales activity.

The PHSI declined across the nation in April. On a regional basis, the PHSI was highest in the South, where it edged down 5.7 percent from one year earlier to 129.4. In the West, the index fell 19 percent to 100.2.

The PHSI also declined in the Northeast and Midwest regions, falling to 106.7 and 100.3, respectively.

**taken from the california association of realtors bulletin, dated june 8, 2006.