US pending home sales sag more than expected in November

The National Association of Realtors said its pending home sales index, based on signed contracts, fell 4% to 73.9 last month from October’s downwardly revised 77.0.

CONTRACTS to buy US previously owned homes fell far more than expected in November, diving for a sixth straight month in the latest indication of the hefty toll the Federal Reserve’s (Fed) interest rate hikes are taking on the housing market as the central bank seeks to curb inflation.

The National Association of Realtors (NAR) said on Wednesday its pending home sales index, based on signed contracts, fell 4% to 73.9 last month from October’s downwardly revised 77.0.