Pending home sales down 13% on year

Why does the media report month to month statistics like they mean anything? It’s the year-on-year trend that is important. Note the headline in this item versus the reality.

April pending home sales rise as prices tumble

The National Association of Realtors Pending Home Sales Index, based on contracts signed in April and seen as a key barometer of future housing activity, increased 6.3 percent to 88.2 from an unrevised 83.0 in March. Despite the uptick, sales were 13.1 percent lower than a year ago.

Reuters, 9 June 2008

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