US home sales in surprise drop
Contracts to purchase previously owned US homes unexpectedly fell in April to their lowest level since December, industry data showed yesterday. The National Association of Realtors’ pending sales index fell 5.5 per cent in April to 95.5. Despite the housing market being the US economy’s weakest link, economists expect the sector to add value to economic growth in 2012 for the first time since 2005 but the report on pending contracts could temper that optimism.