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Pending Sales of U.S. Existing Homes Rise Less Than Forecast

Pending Sales of U.S. Existing Homes Rise Less Than Forecast (Bloomberg)

Contracts to purchase previously owned U.S. homes rose less than forecast in November, reflecting rising borrowing costs are reining in a residential real estate recovery. A gauge of pending home sales increased 0.2 percent, the first gain in six months, after a 1.2 percent drop in October that was bigger than initially reported, the National Association of Realtors announced today. The median projection in a Bloomberg survey of economists called for a 1 percent advance. Higher mortgage rates, tight lending standards and price increases driven by a limited supply of homes for sale are discouraging prospective buyers.

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