U.S. Pending Home Sales Rise Less Than Expected In November

(RTTNews) - Pending home sale in the U.S. showed a slight increase in the month of November, according to a report released by the National Association of Realtors on Monday, although the modest uptick fell well short of economist estimates.

NAR said its pending home sales index inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October. Economists had been expecting the index to jump by about 1.5 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.