Tight Inventory Slows U.S. Pending Home Sales - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Tight Inventory Slows U.S. Pending Home Sales

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A measure of Americans who signed contracts to buy homes fell last month after reaching a 2 1/2-year high in November. Sales were held back by a limited supply of available homes.

The National Association of Realtors says its seasonally adjusted index for pending home sales dropped 4.3% to 101.7 in December. That's still 6.9% higher than it was a year ago.

The decline signals that sales of previously occupied homes may drop in the coming months. There's generally a one- to two-month lag between a signed contract and a completed sale.

Still, sales of previously occupied homes rose last year to their highest level in five years. And the Realtors' group forecasts that sales will rise 9 percent this year as the housing market steadily recovers.  (AP)

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