US pending home sales fell in November to their lowest level on record amid rising unemployment and a deteriorating economy, the National Association of Realtors said Tuesday.
The industry trade group said its forward-looking pending home sales index, based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October.
The November reading is 5.3 percent below November 2007's level of 86.9 and is the lowest since the series began in 2001, with an index of 100 representing the average level of contract activity that year.
"Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November," said Lawrence Yun, NAR chief economist.
Yun said a government real-estate focused stimulus plan was urgently needed to address the housing slump at the center of the economy's recession.
