WASHINGTON (AP) – Fewer Americans signed contracts to buy homes in January, as cold weather and limited inventory appears to be curbing the recent hot streak in sales. The National Association of Realtors says that its seasonally adjusted pending home sales index fell 2.5 percent to 106 in January. The decline comes after the sales index averaged 108.9 in 2015, its highest level since 2006. The number of signed contracts decreased in the Northeast, Midwest and West. Prospective sales improved slightly in the South. But a shortage of listings has weighed down the potential for sales increases akin to last year’s increase. Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale.
