US pending home sales down in November

Taking a hit: A person works on a house in Morristown, New Jersey. Omicron poses a risk to the housing market’s performance, as buyers and sellers are sidelined and home construction is delayed. — Reuters

NEW YORK: Contracts to buy United States’ previously owned homes fell unexpectedly in November as limited housing stock and lofty prices crimped activity, and the explosion of new coronavirus cases from the fast-spreading Omicron variant poses a risk to the housing market headed into 2022, a trade group said.

The National Association of Realtors (NAR) said its Pending Home Sales Index, based on signed contracts, fell 2.2% last month to 122.4. Pending home sales were lower in all four regions.