Pending Sales of existing U.S. homes dropped to a seven year low in November, data showed on Tuesday as rising job losses and a deeping economic recession keep potential house buyers on the sidelines.

The National Association of Realtors Pending Home Sales Index, based contracts signed in November, dropped 4.0 percent to 82.3 percent, the lowest level since the series started in 2001. That was worse then economists' expectation for a 0.1 percent drop.

Novembers reading was 5.3 percent lower then a year-ago Octobers pending home sales index was revised down to 85.7.