Pending homes sales slip in November

Washington -- Pending U.S. home sales in November, based on contracts signed that month, fell 2.6 percent from October, the National Association of Realtors said Tuesday.

The Pending Home Sales Index for November was 87.6, down from 89.9 in October, the association said in a news release. The index figure was higher than August and September, which the Realtors said indicated the troubled market may be stabilizing.

Existing-home sales were expected to hold fairly steady now, rise later in 2008, improving into 2009, the Washington association said.

The index was 19.2 percent below the November 2006 level of 108.4.

A "meaningful recovery" in existing-home sales could happen as early as this spring or later in 2008, said Lawrence Yun, NAR chief economist.

"(The) exact timing and the strength of a home sales recovery is a bit uncertain," he said.

Existing-home sales for 2007 will probably total 5.66 million, the fifth highest on record, Yun said, predicting the total would be 5.7 million in 2008 and 5.91 million in 2009.

He said he expected existing-home prices for 2007 would be down 1.9 percent to a median of $217,600, hold steady in 2008 then rise 3.1 percent in 2009 to $224,400.

Copyright 2008 by United Press International.