Here are the main takeaways from the National Association of Realtors' report released Thursday:--The Pending Home Sales Index, a leading indicator of home sales based on contract signings, held steady at 78.9 in April. --Pending home sales declined by 20.3% in April, compared with the same month a year earlier. --The lack of housing inventory is a major constraint to rising sales, as well as affordability pressures, according to Lawrence Yun, NAR's chief economist. "Affordability challenges certainly remain and continue to hold back contract signings, but a sizable increase in housing inventory will be critical to get more Americans moving," he said. --Pending home sales rose in three of the four major U.S. regions in April from March.

Source: Wall Street Journal May 25, 2023 14:21 UTC