Contrary to belief, February 29 does not make a significant impact on home sales in February. CoreLogic staffer Stuart Quinn reports on the impact of the 0.27% increase to our calendar during leap years, which he says is overshadowed by various factors.
Quinn does acknowledge a hockey stick trend in the weekly and monthly sales volume, but quickly dispels any thought that this means leap years make a difference, writing:
Initially it looks like the extra day makes a difference, but upon expanding our analysis across non-leap years and a number of other states, we find this trend is not isolated to leap years, but rather an industry-wide trend of transaction timing (Figure 1). As weekdays progress so do transactions, and Fridays regularly have the largest number of sales when compared across states and years.