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Lean inventories hold back pending home sales

• Reuters

The National Association of Realtors (NAR) on Wednesday said its Pending Home Sales Index, based on contracts signed last month, slipped 0.4 percent to 104.8. Still, contracts last month remained at the second-highest level in nearly three years.

The Realtors group and private economists blamed the pullback in signed contracts, which typically become sales after a month or two, on the lack of homes available for sale. 

"Rapidly shrinking inventories have held back home sales," said Celia Chen, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "All regions are tightening."

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