Pending home sales rose a slight 0.2 pct
WASHINGTON (AP) — 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 its index of pending home sales was 109.5 in November. The modest increase follows a 3.5 percent increase in October.
More Americans are shopping for homes as the economy has improved. The low 4.1 percent unemployment rate has helped lift demand from would-be homebuyers, as the slow recovery from the 2008 financial crisis has built up momentum after years of steady but unspectacular gains. Yet the demand has done little to bring more home-sellers into the market, causing a shortage of listings that has pushed up prices and spawned a rush to buy in many metro areas.