US Pending Home Sales Drop in November; Omicron Poses Risk: NAR

A home with a sign indicating that it is under contract to be sold is seen in a neighborhood of downtown Washington, on Oct. 27, 2009. Jim Bourg/Reuters

Contracts to buy U.S. 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 on Wednesday.

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