Pending Home Sales Index Falls

The forecasters were optimistic but pending home sales couldn't deliver. The index fell 1.5 percent in April vs a consensus for a 0.5 percent gain, yet the monthly drop does follow an outsized 3.9 percent revised gain in March which makes for a hard comparison. Nevertheless a decline in April is not a good indication for momentum in the spring sales season. Existing home sales have been moving higher this year but today's report will hold down expectations for May and June.