Having ticked down 3.8 percent in December, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, dropped another 5.7 percent in January to 109.5 and was 9.5 percent lower than at the same time last year.

Closer to home, pending sales activity was down an average of 23 percent on a year-over-year basis in San Francisco last month and inventory levels are on the rise.

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