Pending sales of existing homes in the US fell in January to a record low as buyers remained unmotivated by lower mortgage rates and slower price increases. 

An index of contract signings fell 0.8% last month to the lowest level in data from 2001, following a revised 7.4% decline in December, according to National Association of Realtors figures released Thursday. The median forecast of economists surveyed by Bloomberg had pending sales rising 2%.

"Improving affordability conditions have yet to induce more buying activity," NAR Chief Economist Lawrence Yun said in a statement.

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January's weaker figures are a worrisome sign for an industry badly in need of a good spring season, when listings historically spike and families look for homes to move into over the summer. Market analysts predicted existing-home sales would rise anywhere from a slight 1.7% to a strong 14% in 2026 when queried by Bloomberg late last year. 

However, recent data have provided few hopeful signs so far. In January, contract closings slipped by more than 8% despite mortgage rates settling near the lowest level in more than a year, and existing-home prices have barely grown recently. 

President Donald Trump has tried to respond to the country's housing affordability crisis and to bolster the GOP's chances in this fall's midterm elections with a series of housing initiatives. Among them, he proposed barring large institutional investors from purchasing more single-family rental homes, and he directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities.

Yun cautioned that the mix of lower mortgage rates and a still-tight supply of houses could cause home prices to start rising quickly again, assuming the lower borrowing costs encourage more buyers.

"This will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes," Yun said.

Pending home sales in the South, the US's biggest home-selling region, declined 4.5% to the lowest level in a year. Pending sales also slipped in the Northeast, while rising in the Midwest and West. 

The report tends to be a leading indicator for sales of previously owned homes, as houses typically go under contract a month or two before they're sold.