Pending sales dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. While weather may have been a factor, sales rose month to month in the Northeast.

Pending home sales in the United States slid to an all-time low in January as high mortgage rates, record-high home prices, and possibly the terrible weather last month hindered those seeking to buy.

Pending sales of existing US homes slumped to a record low in January as severe winter weather slowed activity and consumers balked at high prices and mortgage rates ahead of the vital spring selling season.