A gauge of pending US existing-home purchases held at a record low in November, indicating a weak resale market beset by a lack of inventory and high prices. The National Association of Realtors’ index of contract signings to purchase previously owned homes was unchanged at 71.6, the lowest in data back to 2001. The median estimate in a Bloomberg survey of economists called for a gain of 0.9%. “Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” Lawrence Yun, NAR’s chief ... (full story)