Contracts To Buy US Homes Barely Budged In January

wochit business
February 28, 2014 AT 6:29 AM
The number of Americans who signed contracts to buy homes was essentially flat in January, a possible sign of a softening real estate market. The National Association of Realtors says its seasonally adjusted pending home sales index inched up 0.1 last month to 95. The index has fallen 9 percent over the past 12 months as sales momentum has faded. Higher mortgage rates, rising prices and a tight supply of homes have restricted sales in recent months. Snowstorms across much of the country also delayed purchases. CHRIS RUPKEY, CHIEF FINANCIAL ECONOMIST, BANK OF TOKYO-MITSUBISHI: The Realtors project that sales will total 5 million this year, down from 5.1 million in 2013.