Economics
US Pending Home Sales Drop for a Fifth Month on Higher Rates
- Contract signings fell 4.6% in October as mortgage rate hit 7%
- Three of four US regions showed declines, led by the West
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US pending home sales fell for a fifth month in October as demand continued to sag under the weight of high mortgage rates.
The National Association of Realtors index of contract signings to purchase previously owned homes decreased 4.6% last month, according to data released Wednesday. The median estimate in a Bloomberg survey of economists called for a 5.3% drop.