Fewer Americans signed contracts to buy homes in November. The decrease likely reflects the drag caused by rising mortgage rates and the shallow inventory of properties on the market.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index fell 2.5 percent to 107.3, the lowest reading since the start of 2016. Pending sales declined in the Midwest, South and West, while improving in the Northeast.

The slowdown marks a reversal, as sales growth has been solid for the past year. Completed sales of existing homes in November climbed to their highest pace in nearly a decade, reaching a seasonally adjusted annual rate of 5.61 million, the Realtors said last week. But pending sales contracts suggest demand may be weakening now that the costs of buying a home have increased.

Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.

Mortgage rates began to surge after Donald Trump's presidential win, making it more expensive to purchase a home. Average 30-year fixed rate mortgages were 4.3 percent last week, up from a 52-week low of 3.4 percent, according to mortgage buyer Freddie Mac.

Stocks slide in light trading

Banks led a broad slide in U.S. stocks Wednesday that more than wiped out gains from the day before.

After an early upward turn, the stock market veered into the red by midmorning, the losses accelerating as the day wore on.

Basic materials companies, industrials, utilities and energy stocks were among the biggest decliners.

Trading was light ahead of the New Year's Day holiday.

The Dow Jones industrial average fell 111.36 points, or 0.6 percent, to 19,833.68. The Standard & Poor's 500 index lost 18.96 points, or 0.8 percent, to 2,249.92. The Nasdaq composite, which set a record high close the day before, slid 48.89 points, or 0.9 percent, to 5,438.56.

Readers rush to buy Fisher's books

There's been a run on Carrie Fisher's books since the actress died Tuesday.

Fisher's book, “The Princess Diarist,” was on top of Amazon's list of best-selling books on Wednesday, just ahead of “Zero Sugar Diet.”

“Wishful Drinking” and “Postcards From the Edge” were also in Amazon's top 10, with “Shockaholic” ranked No. 57.

Five of the top 10 books on Amazon's “Movers and Shakers” list, which measures titles that show the greatest upward movement over a 24-hour period, were by Fisher. That list also included Courtney Carbone's book, “I Am a Princess,” about Fisher's Princess Leia character, at No. 11.