The pace of pending home sales in December fell 3.8% month-over-month and 6.9% year-over-year, according to a summary of pending home sales data released by NAR.

Homes for sale represent homes that have signed a contract to purchase but have not yet closed. They tend to lead existing home sales figures by 1 to 2 months.

Region: The West saw the largest decline, at 16.2%, followed by the Northeast, with a 10.5. The South fell 3.9 followed by the Midwest with a decline of 0.6%.