US contracts to buy homes decline, still a January record

SILVER SPRING, Md. (AP) — The number of Americans who signed contracts to buy homes declined again as inventory struggles to keep up with demand. The National Association of Realtors’ index of pending home sales fell 2.8% to 122.8, which was still a record high for the month. December’s index, which was also a record high, was revised upward. Despite the recent declines, contract signings are still 13% ahead of where they were last year at this point, a sign that the housing market remains strong despite the widespread economic damage caused by the ongoing virus pandemic.