Economists polled by The Wall Street Journal expect pending home sales to rise 1%.

It was the third straight month of declines for the Pending Home Sales Index, which tracks transactions that have signed contracts but have not yet completed home sales.

The West was the only region active in January. Activity fell in all regions compared to levels 12 months ago.

The big picture: Overall, economists expect 2022 to be a tough year for housing. They didn’t expect the industry’s wheels to teeter at the start of the year.