By Christopher S. Rugaber | The Associated Press
The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.
The National Association of Realtors said Monday that its seasonally adjusted index of pending home sales ticked up to 101.7 from 101.5 in October. The October figure was revised lower from an initial reading of 102.1.
Higher mortgage rates and strong price gains over the past two years have slowed sales. The index had fallen for five straight months before November. And completed sales of existing homes fell for three straight months, the Realtors said earlier this month.