Contracts to buy previously owned homes fell to a record low in January as prospective buyers were constrained by higher mortgage rates and house prices.
The National Association of Realtors (NAR) said on Thursday that its Pending Home Sales Index, which is based on signed contracts, declined by 4.6% last month to 70.6, an all-time low.
Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling by 1.3% in January. Pending home sales were down 5.2% from a year ago.
This is a developing story. Please check back for updates.
Reuters contributed to this report.
