WASHINGTON, Jan 21 (Reuters) – Contracts to purchase previously owned U.S. homes unexpectedly fell in December, hitting a five-month low, likely as worries over the labor market and a persistent shortage of entry-level houses offset lower mortgage rates.

The sharp decline in pending home sales reported by the  on Wednesday erased the gains notched since late summer and pointed to weak home resales at the start of the year. The housing market has been constrained by higher borrowing costs and tight inventory.

 

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