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Pending sales shows the housing market could edge down but is in the process of leveling off.

The NAR Pending Home Sales Index, based on contracts signed in April, stood at 101.4, down 3.2 percent from an upwardly revised March reading of 104.8.

The index is 10.2 percent lower than April 2006 when it registered 112.9.

The revised March index was 10 percent below a year earlier.

NAR senior economist Lawrence Yun said: “It looks like we may be leaving a period of market disruptions."