Pending sales of previously owned homes up 0.2%

Washington

CONTRACT signings to purchase previously owned US homes rose less than forecast in October after declining in the prior two months, showing residential real estate is cooling heading into the quieter selling season.

An index of pending home sales increased 0.2 per cent in October after a revised 1.6 per cent decline a month earlier, the National Association of Realtors (NAR) said on Monday. Economists projected a one per cent advance last month, according to the Bloomberg survey median.