US pending home sales rose a slight 0.2 percent in November
WASHINGTON- Slightly more people signed contracts in November to buy homes - with pending sales rising just 0.2 percent as the housing market copes with a dwindling supply of properties on the market.
The National Association of Realtors said Wednesday that its index of pending home sales was 109.5 in November. The modest increase follows a 3.5 percent increase in October.
The pending sales index has improved just 0.8 percent over the past year, as would-be buyers are finding that fewer homes are being listed for sale.
In November, the number of signed contracts rose in the Northeast and Midwest but slumped in the South and West.
Pending sales contracts are a barometer of future purchases. Sales are typically completed a month or two after a contract is signed.