Santa Rosa Real Estate shows little signs of improving with declines in Q4. But we are starting to see the signs that Spring will bring the beginning of the end of the slump.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in November, dropped 4.0 percent to 82.3, the lowest level since the series started in 2001. That was worse than economists' expectations for a 0.1 percent drop.
"The housing market is always quiet at the turn of the year so what matters now is the performance through the spring, when activity usually rises," said Ian Shepherdson, chief U.S. economist at HFE in New York.
"With mortgage rates dropping sharply we are cautiously optimistic that sales will not fall much further and should even rebound a bit by mid-year. But the immediate outlook is bleak."
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