The National Association of REALTOR’s (NAR) Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009 when it was 80.5. The index was originated in 2001 and a score of 100 represents the market at that time.

The index in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009. NAR Chief Economist...