Pending Sales of Previously Owned U.S. Homes Unexpectedly Fall

``Contract signings to purchase previously owned U.S. homes unexpectedly fell in September by the most since the end of 2013, indicating the residential real estate market is cooling from its recent brisk pace... A limited selection of properties may be dissuading some from trading up, while stricter credit standards are making it difficult for others to qualify for loans. At the same time, housing demand will probably be underpinned by cheap borrowing costs and employment opportunities. "There continues to be a dearth of available listings in the lower end of the market for first-time buyers," NAR chief economist Lawrence Yun said in a statement.''