Tight Inventory Slows U.S. Pending Home Sales

Washington (AP) -

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 said Monday that its seasonally-adjusted index for pending home sales dropped 4.3 percent in December from November to 101.7. That’s still 6.9 percent higher than a year ago.

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