(MENAFN- The Peninsula) Contracts to buy previously owned US homes rose only modestly in November, pointing to a still-sluggish housing market despite several months of stronger economic growth and hiring. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, gained 0.8 percent to 104.8.
The NAR also revised its index in October to a slightly lower level. These contracts become sales after a month or two. Contracts rose in the Northeast, South and West but fell in the Midwest.
The US housing market has been recovering in fits and starts from its near collapse during the 2007-09 recession. The pace of sales suffered a setback in mid-2013 when higher interest rates shocked the market.
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