This blog post was written by Danielle Hale, Director of Housing Statistics, and Hua Zhong, Data Analyst.
You probably know that recent home listings went under contract slightly more often on Mondays, Tuesdays, and Fridays. Here is the data to back up your intuition:
- As we start the New Year, this is a good time to take a look and recap the year behind us to see what insights 2014 holds for 2015. The last sales data for December 2014 is just now being collected, but we can get a good sense of the year by looking at the data we currently have for the past 12 months. In our first posts, (Part 1, Part 2, and Part 3) we looked at closings and listings by day. Here, we’ll take a look at contracts.
- Below, we see the most popular under-contract days of 2014. Similar to the pattern in home listings, we see a strong preponderance of spring dates and lack of weekends.
- The biggest months for new contracts were May, April, and June. These months alone accounted for about 3 in 10 new contracts in this analysis.
- While not devoid of contract activity, the weekends are not common contract signing days. Among weekdays, Mondays, Tuesdays, and Fridays are the most common days for new contracts to be signed, though Wednesdays and Thursdays are almost equally common. In spite of that fact, not a single Wednesday made the list of top 25 days for contracts in 2014.
- While home closings exhibit a strong tendency to get done at the end of the month, contracts are, like listings, much steadier throughout the course of the month. Listings show a slight tendency to be posted earlier rather than later in a month, and contracts have a very slight tendency to be signed more often in the middle of a month rather than at the end.
This is part 4 of a week-long series on EHS.
 This analysis includes listings that went under contract at any point in the period under observation, December 1, 2013 to November 30, 2014. If two contracts existed in the observation period on the same listed property because, for example, one contract fell through and another contract was signed in a later month, both contract dates would be counted as “new contracts” in the analysis. Thus, some contracts counted here may have fallen through.