Severe winter weather in parts of the country coupled with continued unease about the economy caused a 7% decline in pending home sales, according to the National Association of Realtors.
The association's pending home sales index was 90.4 in January, compared with 97.8 in December. The index had mostly been trending upward during the past several months.
January's index is 12.3% higher than in January 2009.
The National Association of Realtors' Pending Home Sales Index declined from November's levels in the Northeast, Midwest, South and West 8.7%, 8.9%, 2.1% and 13.2%, respectively.
On a year-to-year basis, the index increased in the Northeast, Midwest, South and West by 20.5%, 11.8%, 18% and 1.5%, respectively.