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Sunday 04th of July 2010
July 1, 2010    

US Pending Home Sales Index plunges in May

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by Kay Murchie
US Pending Home Sales Index plunges in May

The National Association of Realtors (NAR) today said its Pending Home Sales Index fell by 30% in May, after rising 23% between January and April.

The slump was attributed to the expiration of a Government incentive – which ended on 30 April.

While a fall in deals was anticipated, it was double the amount that analysts had expected.

The NAR said its Pending Home Sales Index, which measures signed sales contracts on previously owned homes, fell to a record of 77.6 in May, from 110.9 in April.

The figures follow on from the Commerce Department, which recently reported new home sales in May fell by one third compared with April.

Both sets of figures will undoubtedly raise concerns about the health of the US housing market and the expiration of the tax incentive is expected to see activity dwindle even further.

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