For the fourth time in a row, pending home sales have fallen below their year-earlier levels amid persistent inventory issues. A decline from a month earlier was led by the Midwest.

The seasonally adjusted Pending Home Sales Index preliminarily came in at 106.4 as of April. An index of 100 is equal to the average level during 2001.

A more than 1 percent drop from the preceding month’s upwardly revised level was recorded for the index, which represents the volume of contract signings.

Source: Mortgage Daily