Economic Buzz: US NAR Pending Home Sales Tumble 1.3% In April

US pending home sales showed a sharp decrease in the month of April, according to a report released by the National Association of Realtors on Thursday. NAR said its pending home sales index tumbled by 1.3 percent to 106.4 in April after rising by 0.6 percent to 107.2 in March. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.