Pending home sales dive to lowest level in almost a year

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The number of homes closed on but not yet sold came in below expectations for the month of November.

Pending home sales fell 2.5% month-over-month in November, according to the National Association of Realtors. That was below the 0.5% gain that economists had forecast.

The November reading of 107.3 is the lowest print since January with the slowdown coming amid rising mortgage rates and tight supply.

“The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election,” NAR Chief Economist Larry Yun said. “Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.”