Pending home sales fell a seasonally adjusted 1.5% in April and were 2% lower than a year ago, marking the 16th straight month of annual declines, according to Realtor.com.
The decline in home-contract signings came despite a forecast for a 0.5% increase.
Only the Midwest saw an increase in April, with a 1.3% uptick. Pending sales were down 1.8% in the Northeast, 2.5% in the South, and 1.8% in the West.
“Real estate agents throughout the U.S. may have to brace for a more sluggish market than anticipated based on last month’s decline in home showing activity, the ninth consecutive month of a nationwide year-over-year decrease,” according to an index from ShowingTime, which compiles data about property showings.