News Summary: December US pending home sales fall

Last Updated: Mon, Jan 28, 2013 21:00 hrs

: The National Association of Realtors' index of signed contracts to buy homes dropped 4.3 percent in December to 101.7. That's down from a 2 ½ -year high in November.

TIGHT SUPPLY: Sales were held back by a limited supply of available homes, which fell to an 11-year low in December.

TREND IN PLACE: The decline suggests sales will cool off in January. There's generally a one- to two-month lag between a signed contract and a completed sale. Still the broader trend remains solid: Home sales rose in 2012 to their highest level in five years.

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