That was the first MoM decline since July.

This pushed the total pending home sales index back down near record lows...

That was the first MoM decline since July.

This pushed the total pending home sales index back down near record lows...

Source: Bloomberg

This is the lowest December print since records began (in 2000)...

Source: Bloomberg

It's not the economy, it's affordability, stupid!

"Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability," Lawrence Yun, NAR's chief economist, said in a statement.

"It is unclear if heavier-than-usual winter precipitation impacted the timing of purchases."

In fact, sales fell across all regions:

Northeast fell 8.1% m/m; Nov. fell 1.3%

Midwest fell 4.9% m/m; Nov. rose 0.4%

South fell 2.7% m/m; Nov. rose 3.7%

West fell 10.3% m/m; Nov. rose 0.5%