US Pending Home Sales Fall to Second-Lowest Level on Record
- Contract signings dropped for a sixth month in November
- Decline of 4% was worse than all estimates in Bloomberg survey
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US pending home sales fell for a sixth month in November to the second-lowest on record as higher borrowing costs and an uncertain economic outlook kept many potential buyers out of the market.
The National Association of Realtors index of contract signings to purchase previously owned homes decreased 4% last month to 73.9, the lowest outside of the pandemic in data back to 2001, according to a release Wednesday. The drop was worse than all estimates in a Bloomberg survey of economists.