USA: Pending Home Sales Dipped Unexpectedly in April

USA Real EstateContracts to purchase previously owned U.S. homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom.

Realtor Bolin shows a home to Amy and Eddie Deon in Riverside, California May 24, 2012. REUTERS/Alex Gallardo
The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, fell 5.5 percent to 95.5, its lowest level since December, after a downwardly revised 3.8 percent increase in March.

The series still remained sharply higher from a year earlier, and economists said the data did not change the view that the U.S. economy remains in recovery mode.

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