US: Pending Home Sales Index rose 0.2% to 109.5 in November

"Pending home sales were mostly unmoved in November, but did squeak out a minor gain both on a monthly and annualized basis," the National Association of Realtors announced on Wednesday.

Key highlights

The Pending Home Sales Index rose 0.2 percent to 109.5 in November from 109.3 in October.

With last month’s modest increase, the index remains at its highest reading since June (110.0), and is now 0.8 percent above a year ago.

Heading into 2018, existing-home sales and price growth are forecast to slow, primarily because of the altered tax benefits of homeownership affecting some high-cost areas.

The housing market is closing the year on a stronger note than earlier this summer, backed by solid job creation and an economy that has kicked into a higher gear.

New buyers coming into the market are finding out quickly that their options are limited and competition is robust