U.S. pending home sales slide to record lows

The number of U.S. homes under contract has dropped to record lows.

The pending home sales index, a forward-looking indicator of home sales based on contract signings, slid 4 percent to 73.9 in November, showed data released this week from the National Association of Realtors.

November's reading marks the lowest since 2001, aside from a brief decline in the early stages of the COVID-19 pandemic in April 2020.

Economists surveyed by the Wall Street Journal had forecast a decrease of 1.8 percent.

The index saw a year-on-year slide of 37.8 percent.