The National Association of Realtors’ Pending Home Sales Index is a forward-looking indicator of future existing-home sales that measures the number of contract signings each month. In January, the Index was virtually unchanged, rising 0.1 percent above December’s upwardly revised estimate. Lawrence Yun, NAR’s chief economist, said ongoing disruptive weather patterns across much of the U.S. have inhibited home shopping. Yun believes that weather, combined with low inventory and declining affordability levels, have slowed home sales. But despite slowing this winter, the sales pace is expected to pick up after the first quarter and total existing-home sales are projected to reach over 5 million by the end of the year. Regionally, pending sales rose in both the Northeast and South, while dropping in the West and Midwest. Yun says new home construction may be the key to alleviating inventory issues and taming price growth. The median existing-home price is expected to grow 5 to 6 percent in 2014. More here.