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Originally published Monday, January 28, 2013 at 12:33 PM

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News Summary: December US pending home sales fall

FEWER CONTRACTS SIGNED: The National Association of Realtors' index of signed contracts to buy homes dropped 4.3 percent in December to 101.7. That's down from a 2 1/2 -year high in November.

The Associated Press

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FEWER CONTRACTS SIGNED: The National Association of Realtors' index of signed contracts to buy homes dropped 4.3 percent in December to 101.7. That's down from a 2 1/2 -year high in November.

TIGHT SUPPLY: Sales were held back by a limited supply of available homes, which fell to an 11-year low in December.

TREND IN PLACE: The decline suggests sales will cool off in January. There's generally a one- to two-month lag between a signed contract and a completed sale. Still the broader trend remains solid: Home sales rose in 2012 to their highest level in five years.

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