U.S. pending home sales fell in November. Fewer Americans signed
contracts to buy homes in November. The decrease likely reflects the drag caused by rising mortgage rates and the shallow inventory of properties on the market.
The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index fell 2.5 percent to 107.3, the lowest reading since the start of 2016. Pending sales declined in the Midwest, South and West, while improving in the Northeast.
The slowdown marks a reversal for the housing market, as sales growth has been solid for the past year.