Pending home sales decreased 0.9% to an index reading of 106.9 in November, after a revised 0.4% decrease to 107.9 in October, according to a report released Wednesday by the National Association of Realtors.
Economists polled by Thomson Reuters predicted the index would be up 0.5%
The October increase was first reported as 0.2% to 107.7.
An index of 100 is equal to the average level of contract activity during 2001.
Year-over-year the pending homes sales index increased 2.7% from last November, when the index was 104.1.
Regionally, pending sales were mixed. The Northeast saw a 3.0% drop to 91.8, while sales fell 5.5% in the West to 100.4. In the South, sales rose 1.3% to 119.9, and sales were up 1.0% to 104.9 in the Midwest.
"Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months despite low mortgage rates and solid job gains," NAR Chief Economist Lawrence Yun said. "While feedback from Realtors continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers."
