By Ben Leubadorf | The Wall Street Journal
A gauge of upcoming home sales dropped in November, a sign of weakening momentum for the U.S. housing market headed into 2017.
The National Association of Realtors said Wednesday that its pending home sales index, which tracks contracts signed for purchases of existing homes, fell 2.5% from October to a seasonally adjusted 107.3 last month. Sales typically close within a month or two of signing.
“This was a disappointment relative to expectations for an increase during the month and a more downbeat signal on housing activity than the move up in mortgage purchase application volumes that also occurred in November,” J.P. Morgan Chase economist Daniel Silver said in a note to clients.