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.

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Reuters contributed to this report.

The National Association of Realtors' pending home sales data fell 4.6% in January to an all-time low as prospective homebuyers encountered high mortgage rates and home prices.{ai:summary}Contracts for previously owned homes hit a record low in January, with the National Association of Realtors reporting a 4.6% decline in its Pending Home Sales Index to 70.6. This marks a 5.2% decrease compared to the same month last year, driven by high mortgage rates and home prices. Economists had anticipated a smaller drop of 1.3%. The situation reflects ongoing challenges in the housing market. #economy

US pending home sales fall to record low in January

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