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
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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.