Any expected Trump bump in home sales didn't materialize in contracts for homes signed in November.
Higher mortgage rates hit home sales, driving the National Association of Realtors Pending Home Sales Index down 2.5 percent in November from October, the NAR reported Wednesday. Analysts had forecast a 0.4 percent gain in the index, which is now 0.4 percent lower than a year ago and at its lowest level since January.
The Realtors blame the drop on the low supply of available homes and rising mortgage rates.
"Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract," said Lawrence Yun, NAR's chief economist.