After reporting four straight monthly increases by U.S. pending home sales, the National Association of Realtors released a report on

Contracts to buy U.S. previously owned homes fell in December to snap a four-month streak of increases, with particularly sharp declines in the pricier Northeast and West regions as higher mortgage interest rates dented affordability.

Pending home sales in December decreased 5.5%. Compared to one month ago, pending sales declined in all four U.S. regions, with the West recording the largest drop. Year-over-year, contract signings retreated in all four U.S. regions, with the Midwest showing the biggest reduction.