However, they very much did not, with sales crashing 4.9% MoM, the biggest monthly drop since May 2010.

Source: Bloomberg

All regional indices were down in December.

-The Northeast PHSI slipped 4.0% to 92.4 in December, 0.1% lower than a year ago.

-In the Midwest, the index dropped 3.6% to 98.8 last month, 1.3% higher than in December 2018.

-In the South decreased 5.5% to an index of 118.1 in December, a 7.4% increase from December 2018.

-The index in the West fell 5.4% in December 2019 to 93.1, an increase of 7.0% from a year ago.

While December crashed, pending home sales still surged 6.8% YoY (with mortgage rates down over 1%), but fell to the lowest SAAR since February 2019...