Contract signings declined in January after a robust December.

Pending home sales slowed in January following one of the best years in nearly a decade. The National Association of Realtors said Monday that contract signings, which is a forward-looking indicator of sales, declined 2.5 percent to 106 in January from an upwardly revised 108.7 in December. Signings are 1.4 percent above January 2015 (104.5), and only the South saw an uptick in contract activity in January.
“While January’s blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers,” said Lawrence Yun, NAR chief economist. “Additionally, some buyers could be waiting for a hike in listings come springtime,” he said. Read more.