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what does PENDING mean next to a price?

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November 25 2012 - US
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Pending means that the home is currently under contract, the sellers have accepted an offer.  This of course does not mean that the it will definitely close, so you may want to keep an eye on it and see if it comes back on as active.  You might also want to double check with an agent in your area to make sure it is actually under contract.  Sometimes listings aren't updated as quickly as they should be for some reason.
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November 25 2012
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There is a contract on the property but the sale has not been finalized.  From the time an offer is accepted until closing can be several weeks to several months, going through inspections, appraisals, getting a loan etc.  Not all "pending" actually close.

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November 25 2012
 
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