Policymakers acknowledge the progress on inflation, but contend that their work is far from over.
Contract closings decreased 1.5% to an annualized pace of 4.02 million last month.
The housing market rapidly deteriorated last year in the wake of the Fed's interest-rate hiking campaign.
The data show a consumer that's losing steam and business investment falling.
U.S. business activity contracted in December for a sixth month.
Applications to buy U.S. homes resumed an upward trend last week.
Economist have underestimated inflation in five of the past seven months.
The pullback in inflation expectations was broad across demographic groups.
Thirteen services industries reported growth in November.
The bank's economists are predicting a "shallow" recession sometime during the latter three quarters of 2023.
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