April contracts to buy existing homes fell 5.5 percent, according to the National Association of REALTORS®.
The Pending Home Sales Index was revised to 101.1 in March but is 14.4 percent above April 2011 when it was 83.5.
Still, the recovery is continuing, said Lawrence Yun, NAR’s chief economist.
“Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.