“Period of transition” sounds so much better than “deflating bubble” or if you’re selling your home, “buyers market,” but whatever your euphemism of choice, the real estate times they are a changin’. The National Association of Realtors Pending Home Sales Index fell 3.7 percent in April, the third monthly decline in a row. The index measures sales of existing homes that are pending, meaning a contract has been signed but the transaction hasn’t closed.
In the Midwest, the index declined 5.6 percent in April, to 100.3 and was 16.6 percent lower than in April 2005. An index of 100 indicates the average level of activity during 2001, the first year the NAR began measuring pending sales.
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