U.S. Pending Home Sales Climb More Than Expected In November

(RTTNews) - Pending home sales saw a slight improvement in the month of November, according to a report released by the National Association of Realtors on Wednesday, with pending sales rebounding from the drop seen in the previous month.

NAR said its pending home sales index rose 0.8 percent to 104.8 in November from a downwardly revised 104.0 in October. Economists had been expecting the index to increase by about 0.5 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.