From the WSJ Blog:
The National Association of Realtors is due to release its monthly report on existing home sales at 10 a.m. Monday, and it’s likely to look lousy. (What’s with this “existing” home sales bit? New homes don’t exist? Let’s call it home resales.) Analysts are predicting a sharp drop from November’s level. The knee-jerk reaction probably will be: Oh, no, the housing market is in free fall again!
In reality, housing stats tend to bounce around erratically from month to month, and one month’s numbers rarely mean much.