Pending home sales trending down (Image: Shutterstock).
Contract signings to purchase previously owned U.S. homes unexpectedly fell for the third straight month in December, yet another sign the housing market is struggling amid elevated property prices and borrowing costs.
The index of pending home sales fell 2.2%, after a 0.9% decline the previous month, according to data released Wednesday from the National Association of Realtors in Washington. That compared with the median projection of analysts for an increase. The gauge was down 9.5% from a year earlier, the worst drop since early 2014.
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