Home sales

Pending home sales in December fell 5.5% m/o/m vs the estimate of on change and which followed a 1.6% rise in November. All four regions were lower, particularly in the Northeast and West. The NAR considers these two regions as having more higher priced homes and “where elevated mortgage rates have appreciably cut affordability.”

They also speculated whether “heavier than usual winter precipitation impacted the timing of purchases.” Maybe but winter is winter.