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US pending home sales edge up in November, but supply remains tight

Pending home sales in the U.S. remained at their highest reading since June as they inched up in November both in monthly and annual terms, driven by solid job creation and a stronger economy, according to the National Association of Realtors.

The Pending Home Sales Index came in at 109.5 in November, up 0.2% from 109.3 a month earlier. In annual terms, the index rose 0.8%.

However, Lawrence Yun, NAR chief economist, said that while the housing market is closing 2017 on a stronger note, "new buyers coming into the market are finding out quickly that their options are limited and competition is robust."

"Many would-be buyers from earlier this year, stifled by tight supply and higher prices, are still trying to buy a home," he added.