The National Association of REALTORS® reported that April pending home sales declined 1.3 percent nationally.

NAR Chief Economist Lawrence Yun said low inventory and high demand continue to be major factors in the housing market. He said that if more new and existing homes would go up for sale, the increased supply could offset the effects of rising gas prices and mortgage rates.

Members can watch the video with Yun and read about the NAR Pending Home Sales Index.