Signed contracts to buy existing homes rose slightly in November, breaking a five-month negative streak, according to the National Association of Realtors.
Pending homes sales ticked 0.2 percent higher from a downwardly revised reading in October but are still down 1.6 percent below November 2012, the association reported. These signed contracts are an indicator of closed sales in December and January.
Economists polled by Reuters had forecast signed contracts to rise 1 percent in November.
Despite the soft ending to 2013, Lawrence Yun, the association's chief economist, said that 2013 will end with the best sales total in seven years.