Having ticked up at the end of last year, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, dropped up 2.8 percent in January to 106.4, which is the lowest level in a year.
While the seasonally adjusted index remains 0.4 percent higher on a year-over-year basis, it has dropped 7.0 percent over the past ten months from a ten-year high of 115.0 in April.
And in the West, the Pending Home Sales Index dropped 9.8 percent in January to a below average 94.6, which is 0.4 percent lower on a year-over-year basis versus 5.0 percent higher at the end of 2016.