US housing market activity has rarely been weaker: The US Pending Home Sales Index fell -0.8% MoM in January, to 70.9, an all-time low. This follows a revised -7.4% drop in December, marking the 2nd consecutive monthly decline. The index now stands -43.3% below its October 2021 peak. In the South, the largest home-selling region, pending sales fell -4.5% to the lowest level in a year, while the Northeast also weakened. Furthermore, January contract closings fell more than -8%, leaving little evidence of a turnaround. The US housing market is frozen.