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Pending home sales drop 1.7% in October after two months of gains

November 27, 2019 / Kathleen Howley

Pending home sales fell in October after two months of gains because of a shortage of properties on the market, the National Association of Realtors said on Wednesday. The seasonally adjusted index measuring signed contracts fell 1.7% from the prior month, NAR said. It’s a frustrating data point for economists, who expected mortgage rates near multi-year lows coupled with a strong labor market to translate into a higher level of contract signings.