FXstreet.com (Barcelona) - The Pending home sales index, a forward looking indicator for the housing market has posted a better than expected result in January, after two months of declines, according to the latest report by the National Association of Realtors.

In January, the pending home sales index has remained unchanged at 85.9 in January from December, although 19.6% below the 106.8 level posted in January 2007, in a sign that the housing market might be starting to stabilize.

January's reading has beaten the experts' expectations of a 0.8% decline, and it improves the 1.5% and the 2.6% declines posted in December and November respectively.