While final sales stumbled in November, foot traffic and pending home sales suggested strength. Existing home sales have since recovered. The main impact of TRID on final sales has been to add several days to the settlement process, shifting sales to the next period. Final sales may benefit in the coming months as these diverted sales revert back. 
The median time-to-close rose again in December to 40.9 from 39.7 in November, 5.7 days higher than December of 2014. This year-over-year difference is an increase from 4.7 days in November. Despite the increase in time-to-close, the unadjusted pending home sales index rose to 84.1 in November compared to 80.0 a year earlier, suggesting consistent demand.
 Special thanks to Danielle Hale for her thoughtful comments and to Hua Zong for his excellent analytical support.