Pending home sales dive 11.6 percent in April

IndustrialsReuters

WASHINGTON (Reuters) - Pending sales of existing homes dropped far more than expected in April to touch a seven-month low, a trade group said on Friday, dealing a blow to hopes of a recovery in the housing market.

The National Association of Realtors Pending Home Sales Index dropped 11.6 percent to 81.9 in April, the lowest since September. Pending home sales lead existing home sales by a month or two.

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Economists polled by Reuters had expected pending home sales to fall 1.0 percent.

(Reporting by Lucia Mutikani, Editing by Chizu Nomiyama)