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A measure of home transactions that have started the sales process unexpectedly dropped in April, according to new data released on Wednesday. This added to a decline posted in the previous month.
The National Association of Realtors said its pending home sales index fell 1.3 percent in April.
The pending home sales index tracks contracts that have been signed, but have not closed yet. They are seen as a leading indicator of home sales, with a pending sale usually taking 4 to 6 weeks to close.
Economists had expected the measure to bounce back after a retreat in March. Experts were generally looking for an increase of around 0.5 percent.
