US pending home sales dropped by most in two years

The Washington-based National Association of Realtors release today showed pending home sales unexpectedly dropped in January by the most in two years.

The headline figure dropped 2.5%, the biggest drop since December 2013, missing the estimated rise of 0.5%. The annualized figure came in at 0.9% in the 12 months ending in January after a 3.1% annual advance in December.

The details of the report revealed pending home sales dropped in three of four regions, with biggest drop in Midwest (4.9%). Pending home sales rose 0.3% in South.