US Pending Home Sales Fell to Record Low in January

Pending sales of existing homes in the US fell in January to a record low as buyers remained unmotivated by lower mortgage rates and slower price increases.

An index of contract signings fell 0.8% last month to the lowest level in data from 2001, following a revised 7.4% decline in December, according to National Association of Realtors figures released Thursday. The median forecast of economists surveyed by Bloomberg had pending sales rising 2%.