This just in: CEO Chris Shuba on Schwab Network

Pending home sales fell 2.6%, significantly below expectations of a flat monthly figure. This marks the third month in a row of negative readings following a strong summer. The higher prices and limited inventory appear to be weighing on the housing market, though it remains above pre-pandemic levels.

Wholesale inventories unexpectedly fell by 0.1% in November, while economists had expected a 0.6% gain. This is the first monthly decline we have seen since July.