Pending home sales in April fell 26.5 percent nationwide from a year ago when homebuyers were rushing to qualify for the expiring federal tax credit.

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

In the Northeast, the seasonally adjusted annual rate dropped to 64.5 from 71.2 in April 2010, a 33.4 percent decrease from a year ago.

Lawrence Yun, NAR chief economist, said the dip in contracts may be due to temporary factors.

"The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months," he said. "The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years and a sudden rise in unemployment claims."