U.S. Pending Homes Sales Unexpectedly Decline for a Fourth Month
- National Association of Realtors gauge close to two year low
- Contract signings fell in February in three of four regions
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A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge -- rising borrowing costs.
The National Association of Realtors’ index of pending home sales decreased 4.1% from a month earlier to an almost two-year low of 104.9, according to data released Friday. Economists in a Bloomberg survey called for a 1% increase.