WASHINGTON (Reuters) - Pending sales of existing U.S. homes fell sharply in January, with an industry index dropping to a record low, according to a report on Tuesday that showed the deteriorating economy was keeping buyers on the sidelines.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in January, plunged 7.7 percent to 80.4, the lowest since the NAR started tracking the series in 2001. Compared with the same period a year ago, pending home sales were down 6.4 percent in January.
Economists polled by Reuters had forecast pending home sales to fall 3.0 percent in January. December's pending home sales index was revised down to 87.1 from 87.7.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
