Pending home sales fall 4.7 percent

Figure lower than expected as market troubles continue

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Housing values in 2012
BusinessWeek weighed historical data to forecast the median price of homes in major metro areas in 2012.

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Loan type	Today	+/-	Last week
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updated 10:15 a.m. ET July 8, 2008

WASHINGTON - The National Association of Realtors says pending U.S. home sales dipped in May as the housing market continues to struggle.

The group's seasonally adjusted index of pending sales for existing homes fell 4.7 percent to 84.7 from an upwardly revised April reading of 88.9. The index was 14 percent below year-ago levels.

Wall Street economists surveyed by Thomson/IFR had predicted the index would come in at 87. The index, which sunk to a record low of 83 in March, stood at 98.5 in May 2007.

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