Pending home sales inched up 0.1% to an index reading of 95.0 in January, after a revised 5.8% decline to 94.9 in December, according to a report released Friday by the National Association of Realtors.
The December reading was initially reported as 8.7% drop to 92.4.
Economists polled by Thomson Reuters predicted that the index would be up 2.0%
An index of 100 is equal to the average level of contract activity during 2001.
Year-over-year the pending homes sales index is off 9.0% from last January, when the index was 104.4. The index has not been this low since it was 94.6 in November 2011.
Regionally, pending sales were mixed. The Northeast saw a 2.3% rise to 79.0, while sales fell 2.5% in the Midwest to 92.9. In the South, sales grew 3.5% to 111.2, and sales declined 4.8% to 84.2 in the West.
"Ongoing disruptive weather patterns in much of the U.S. inhibited home shopping," NAR Chief Economist Lawrence Yun said. "Limited inventory also is playing a role, especially in the West, while credit remains tight and affordability isn't as favorable as it was a year ago."
