This dismal print was below all economists' expectations, missing by 4 standard deviations.  

This is the 3rd straight monthly drop and 2nd straight annual decline in pending home sales.

The biggest MoM decline was in The West (down 1.3%), but as the chart below shows, Pending Home Sales are now unchanged since June 2013.

The index is now 1.7 percent below a year ago, which marks the second straight annual decline and the most recent since November and December of last year.

NAR notes that prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.