"According to Yun, interpreting in-person home search activity for December poses some unique challenges with people traveling and taking time off for the holidays, as well as the challenges posed by winter weather in some markets. We'll be watching the data in the coming months to determine whether the soft contract signings were a one-month aberration or the start of an underlying trend, Yun said."
"Whenever you have the December existing home sales report at a yearly high, you're prone to the pending data getting hit due to the last two weeks of the year and the first week due to the holidays, Mohtashami said. Our weekly tracker data has shown growth in January which takes about 30-60 days to hit the sales report, and purchase apps have had their best start in years."
Interpreting December in-person home search activity is difficult because holiday travel, time off, and winter weather disrupt typical patterns. Soft contract signings in December may be a one-month aberration or the beginning of an underlying trend, and forthcoming data will clarify the path. Weekly tracker data showed January growth that typically takes 30–60 days to appear in sales reports, and purchase applications started the year strongly. All four U.S. regions posted monthly declines in pending home sales. Realtor confidence metrics show rising expectations for buyer and seller traffic. Lower mortgage rates aid affordability while economic uncertainty restrains some buyers.
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