US pending home sales fall 4% in November

EPA-EFE/JOHN G. MABANGLO

Pending home sales in the United States dropped by 4% in November, failing market expectations that predicted a slight increase. According to a report published by the National Association of Realtors on Wednesday, it is the second-lowest monthly reading in 20 years.

"Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home," said NAR Chief Economist Lawrence Yun. "Falling home sales and construction have hurt broader economic activity."

All four US regions recorded month-over-month declines, and all four regions saw year-over-year decreases in transactions.

Baha Breaking News (BBN) / KB