The Associated Press

Pending home sales in the United States slid to an all-time low in January as high mortgage rates, record-high home prices, and possibly the terrible weather last month hindered those seeking to buy.

The National Association of REALTORS® said Thursday that its Pending Home Sales Index, which is an indicator of home sales based on contract signings, declined 4.6% to 70.6 last month. Pending transactions fell 5.2% from the year-ago period.

There were month-over-month declines in the Midwest, South and West, with the most significant drop in the South. Despite stretches of high winds and low temperatures, sales in the Northeast rose modestly.

"It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months," NAR Chief Economist Lawrence Yun said in a statement. "However, it’s evident that elevated home prices and higher mortgage rates strained affordability."

Read the full article