U.S. Pending Home Sales Top Forecasts in January

Contract signings to purchase previously owned U.S. homes rose by more than forecast in January, snapping a six-month streak of declines and suggesting lower mortgage rates along with a strong job market are helping stabilize demand.

The index of pending home sales rose 4.6 percent, after a 2.3 percent decline the previous month, according to data released Wednesday from the National Association of Realtors in Washington. That compared with the median projection of analysts for an increase of 1 percent. The gauge was down 3.2 percent from a year earlier.