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Pending Home Sales Slide a Bit After Banner Year

Pending Home Sales Slide a Bit After Banner Year

Pending home sales slid for the third straight month in November and the 2.6 percent decline was the largest of the three. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a leading indicator of sales of existing single-family homes, townhomes, condominiums, and cooperative apartments, dipped to 125.7 from its 128.9 level in October. The current PHSI is still the highest NAR's books for any November and was 16.4 percent higher than a year earlier The index had declined by 2.2 percent in September and another 1.1 percent in October, ending a four-month string of strong gains. Analysts had not expected a reversal of the current trend in November. Those polled by both Trading Economics and Econoday had expected the index to be unchanged from October. "The
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