India, Feb. 27 -- A report released by the National Association of Realtors on Thursday showed pending home sales in the U.S. plunged by much more than expected in the month of January, extending the sharp pullback seen in December.
NAR said its pending home sales index dove 4.6 percent to an all-time low of 70.6 in January after tumbling 4.1 percent to a revised 74.0 in December.
Economists had expected pending home sales to slump by 1.3 percent compared to the 5.5 percent nosedive originally reported for the previous month.
"It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months," said NAR Chief Economist Lawrence Yun. "However, it's eviden...