Pending-home-sales index drops 8.7% in December

WASHINGTON (MarketWatch)
A gauge of pending home sales dropped in December to the lowest level in more than two years, signaling that upcoming activity may slow down, the National Association of Realtors reported
The index of pending home sales fell 8.7% last month to 92.4, the lowest reading since October 2011, with particularly poor weather and rapidly rising home prices likely behind the plunge, according to NAR
All four U.S. regions saw pending home sales fall in December, with the gauge down 10.3% in the Northeast, 9.8% in the West, 8.8% in the South and 6.8% in the Midwest
Pending sales typically close within two months
An index reading of 100 equals 2001's average contract activity level