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Economics

U.S. Pending Home Sales Unexpectedly Fall by Most in 11 Months

  • Gauge declined 5.7% in January, worse than all estimates
  • High prices, low inventory continue to restrict home buying
    

    

Photographer: Charles Mostoller/Bloomberg
Updated on

A gauge of U.S. pending home sales unexpectedly fell in January for a third month as high prices and low inventory continued to restrict home buying.

The National Association of Realtors’ index of pending home sales decreased 5.7% from a month earlier to 109.5, the biggest drop since February 2021, according to data released Friday. The figure was worse than all estimates in a Bloomberg survey of economists.