Economics
U.S. Pending Home Sales Unexpectedly Decline on Low Supply
- November drop of 2.2% was worse than all estimates in survey
- Contract signings fell in all four regions, led by Midwest
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A gauge of U.S. pending home sales unexpectedly fell in November as high prices and low inventory restrict home buying.
The National Association of Realtors’ index of pending home sales decreased 2.2% from a month earlier to 122.4, according to data released Wednesday, more than all estimates in a Bloomberg survey.