The National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, dropped 4.7 percent in January to 104.6, which is 3.8 percent lower versus the same time last year, down 6.9 percent from last year’s high of 112.3 and its lowest reading since October 2014 when it measured 104.1.

The index ended 2017 at a downwardly revised 109.8, at which point the National Association of Realtors was forecasting a slowdown in existing-home sales in 2018, “primarily because of the new tax law’s expected impact in high-cost housing markets.”

Out West, the pending home sales index dropped 1.2 percent in January to 97.9 and is now running 2.5 percent below its mark at the same time last year.

Keep in mind that the pace of new home sales has slipped as well despite an increase in inventory.

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