Having ticked down 2.2 percent in November, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, dropped another 3.8 percent in December to 117.7 and was down 6.9 percent year-over-year.
At the same time, pending sales activity in San Francisco proper is currently down closer to 30 percent on a year-over-year basis, which shouldn’t catch any plugged-in readers by surprise.