The number of homes under sales contracts fell more than expected in May after a surprising spike the month before, a real estate trade group said Tuesday.
The report by the National Association of Realtors was another sign that the nation’s housing problems are not abating.
The Realtors’ Pending Home Sales Index fell to 84.7 in May, down 4.7% from an upwardly revised reading of 88.9 in April. The index was 14% below its level in May 2007.
The recent decline was steeper than the 2.8% fall that economists had forecast, according to a consensus of estimates compiled by Briefing.com.
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