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Pending Sales of Existing Homes in U.S. Drop by Most in a Year

Bloomberg business news

Pending Home Sales Unexpectedly Decline by 3.7%

Contracts to purchase previously owned U.S. homes unexpectedly fell in December by the most in a year, a sign the industry’s recovery remains uneven.

The index of pending sales dropped 3.7 percent after a 0.6 percent gain the prior month that was smaller than initially estimated, figures from the National Association of Realtors showed Thursday in Washington. The median forecast of 42 economists surveyed by Bloomberg called a 0.5 percent increase.