Contracts for pending sales of previously owned U.S. homes rose faster than expected in November, though sales remained below normal activity levels, a real-estate trade group said Thursday. The National Association of Realtors (NAR) said its pending homes sales index rose 3.5 percent to 92.2 from 89.1 in October. The index showed sales were 5 percent lower than the 97.0 reading in November 2009. NAR chief economist Lawrence Yun said low interest rates and early signs of economic recovery helped home sales, "but further gains are needed to reach normal levels of sales activity."
