April 16, 2014.

Housing Market Slow to Hit Its Spring Stride

The door opened, and another prisoner was brought in whose appearance sent a momentary chill through Winston. He was a commonplace, mean-looking man who might have been an engineer or technician of some kind. But what was startling was the emaciation of his face. It was like a skull. Because of its thinness the mouth and eyes looked disproportionately large, and the eyes seemed filled with a murderous, unappeasable hatred of somebody or something.

A flurry of recent housing data suggests that the market's spring selling season is getting off to a slow start, a worrisome sign after a winter of expectations that warmer weather would rekindle growth.

The man sat down on the bench at a little distance from Winston. Winston did not look at him again, but the tormented, skull-like face was as vivid in his mind as though it had been straight in front of his eyes. Suddenly he realized what was the matter. The man was dying of starvation. The same thought seemed to occur almost simultaneously to everyone in the cell. There was a very faint stirring all the way round the bench. The eyes of the chinless man kept flitting towards the skull-faced man, then turning guiltily away, then being dragged back by an irresistible attraction. Presently he began to fidget on his seat. At last he stood up, waddled clumsily across the cell, dug down into the pocket of his overalls, and, with an abashed air, held out a grimy piece of bread to the skull-faced man.

Reports from local real-estate agent groups in some of the markets that were the first to rebound, including Las Vegas, Phoenix and San Diego, show year-over-year declines in March home sales. February data for pending home sales nationally----a barometer of early-spring activity----show a decline of 11% from a year ago.

There was a furious, deafening roar from the telescreen. The chinless man jumped in his tracks. The skull-faced man had quickly thrust his hands behind his back, as though demonstrating to all the world that he refused the gift.

And in markets around the country, fewer people are showing up at open houses. An index of home-buyer traffic in 40 U.S. markets compiled by Credit Suisse was down a little more than a third from March of last year. In some parts of the country, cold weather has put a damper on traffic.