U.S. pending home sales tumbled 4 percent in November, according to the National Association of Realtors (NAR). This is up from the 4.6 percent drop in October, but the reading was worse than the market estimate of a 0.8 percent dip.
On a year-over-year basis, pending home sales plummeted 37.8 percent, down from the 37 percent decline in the previous month. Trading Economics had projected a print of negative 32 percent.
Pending home sales—a crucial measurement of housing activity based on signed real estate contracts for existing residential properties—recorded their second-lowest monthly figure in two decades, the NAR reported. This was also the fifth straight monthly decline in pending home sales….