Home sales data

Contract signings of new homes in December totaled 698k, 23k above expectations and follows a print of 674k in November (revised up by 10k). The upside relative to November was seen in the Northeast and out West with slight declines in the Midwest and South. Months’ supply fell to 8.5 from 8.7 while the median home price rose 2.1% y/o/y, though is very influenced by mix each month and thus very volatile as opposed to pricing info from existing home sales data and CoreLogic.