Pursuits
Pending Sales of Previously Owned U.S. Homes Unexpectedly Fall
- Monthly decline in contract signing is the second this year
- Purchase contracts decrease in three of four regions
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Contract signings to purchase previously owned U.S. homes unexpectedly declined in August for just the second time this year, signaling residential real estate might have difficulty building on recent momentum.
An index of pending home sales decreased 1.4 percent after a 0.5 percent advance in July, the National Association of Realtors said Monday. The median projection in a Bloomberg survey of economists called for the gauge to climb 0.4 percent.