Last weekâs economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace.
The annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago.
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.
In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4.
According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8.