Pending Home Sales Decline in January

Washington, DC, March 4, 2010-- Pending home sales fell 7.6% in January, according to the National Association of Realtors.

It was a reversal from a revised 0.8% gain in December. The index remained 8.8% higher than in January 2009.

The index tracks sales contracts signed on previously owned homes. If those sales close, they are reported in the more widely followed existing-home sales report.

Pending sales fell in all four regions during January, led by a 13% decline in the West.