U.S. PENDING HOME SALES FALL FOR THIRD MONTH IN ROW

Contracts to buy U.S. previously-owned homes fell for a third straight month in November as an acute shortage of properties pushed up prices, though the housing market remains supported by record-low mortgage rates. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, fell 2.6 per cent to 125.7. Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, would be unchanged in November from the month before. Compared with a year ago, pending home sales jumped 16.4 per cent in November. The COVID-19 pandemic, which has seen at least 21 per cent of the labour force working from home, has led to a migration from city centres to suburbs and other low-density areas.