More national real estate data from the NAR

Pending sales of existing U.S. homes fell 0.5 percent in November but held above the low hit in July, suggesting the housing market is stabilizing, a real estate agents' trade association said on Thursday…The November level was 11.4 percent below the year-earlier level, a shorter drop than the 13.2 percent year-on-year decline posted in October…"The index is pointing toward fairly stable home sales in the near future," David Lereah, chief economist for the trade association said in a statement. "That is another indicator that home sales likely bottomed-out in September.

No guarantees, but another piece of evidence that the housing market may be at or near its bottom nationwide. As always we will keep you apprised.