Economics

Pending Sales of U.S. Existing Homes Decline for a Third Month

  • Despite decrease, contract signings up 16% from year ago
  • All four major U.S. regions showed drop in November activity

Pending home sales declined in all four major U.S. regions.

Photographer: Angus Mordant/Bloomberg
Lock
This article is for subscribers only.

A gauge of U.S. pending home sales fell for the third consecutive month in November, suggesting higher prices and limited inventory are slowing momentum in the housing market despite record-low borrowing costs.

The National Association of Realtors’ index of contract signings to purchase previously owned homes declined 2.6% from the prior month to 125.7, according to data released Tuesday. The median estimate in a Bloomberg survey of economists called for no change in November. Compared with a year earlier, pending sales were up 16% on an unadjusted basis.