Contracts to buy previously owned U.S. homes dropped in January on a shortage of inventory in the Midwest and West regions, the National Association of Realtors said on Monday.
The NAR said its pending home sales index, based on contracts signed last month, fell 2.8 percent to 106.4. The pending home sales index for December was revised up to 109.5.
Analysts polled by Reuters had forecast a 0.9 percent increase in January. The index last month, however, was still 0.4 percent higher than in January 2016.
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