An indicator of future home sales unexpectedly declined in November, indicating the third decline in the last four months.
The National Association of Realtors’ pending home sales index fell 0.9 percent in November. Economists had expected an increase for the month.
The NAR said that rising home prices and limited home availability contributed to the decline.
Pending home sales measure signed real estate contracts. Contracts are typically signed a month or two prior to the closing of the sale, making pending home sales a leading indicator for home sales measures.
The material has been provided by InstaForex Company – www.instaforex.com