US pending homes sales unexpectedly decline for a fourth month

  • A home for sale in Los Angeles. Sales of new U.S. homes fell in February for a second month, suggesting high prices and rising mortgage rates may be keeping prospective buyers on the sidelines. (Dania Maxwell/Los Angeles Times/TNS)

A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.