Signed contracts to buy US homes levelled off in November, suggesting stable sales at year-end - InfoNews

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Signed contracts to buy US homes levelled off in November, suggesting stable sales at year-end

FILE - In this Friday, Feb. 22, 2013 file photo, a sale pending announcement sits atop a for sale sign in a home's yard in Richardson, Texas. National Association of Realtors releases pending home sales index for November on Monday, Dec. 30, 2013. (AP Photo/LM Otero, File)
December 30, 2013 - 7:02 AM

WASHINGTON - The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.

The National Association of Realtors says its seasonally adjusted pending home sales index ticked up to 101.7 from 101.5 in October. The figure for October was revised lower from an initial reading of 102.1.

There is generally a one- to two-month lag between a signed contract and a completed sale.

Higher mortgage rates and strong price gains over the past two years have slowed sales. Completed sales of existing homes fell for the third straight month in November, the Realtors said earlier this month.

Still, home re-sales should reach 5.1 million in 2013, the best total in seven years.

News from © The Associated Press, 2013
The Associated Press

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