Pending gross sales fell 6% in December—the most important seasonally adjusted decline since 2022—amid stubbornly exc
- Pending gross sales fell 6% in December—the most important seasonally adjusted decline since 2022—amid stubbornly excessive housing prices and financial uncertainty.
- The everyday house that did promote spent 60 days available on the market, the slowest December tempo in a decade.
- The availability of properties on the market fell essentially the most since 2023 as sellers retreated amid sluggish demand.
- The excellent news for consumers is mortgage charges have been falling and lots of sellers are providing concessions—the standard house that offered final month went for roughly 2% lower than its record value.
U.S. pending house gross sales declined 5.9% month over month in December to the bottom seasonally adjusted degree on report besides April 2020, when the coronavirus pandemic halted the housing market. Redfin’s information date again to 2012.
December’s decline was the most important since September 2022. On a year-over-year foundation, pending gross sales fell 7.4%.
Homebuyers are skittish as a result of stubbornly excessive housing prices, layoffsand mounting financial and political uncertainty. Mortgage charges have come down in latest months however are nonetheless above 6%—greater than double the all-time low they fell to in the course of the pandemic. Costs are additionally excessive. The median house sale value rose 0.5% yr over yr in December to $428,742—the best December degree on report. Whereas that’s the slowest progress since June 2023, it’s nonetheless progress, and lots of homebuyers are priced out of the market.
It’s value noting that mortgage charges did briefly dip under 6% final week after President Trump ordered a $200 billion mortgage bond buy. That led to a jump in mortgage demand, which can enhance pending house gross sales in January.
“Patrons are extraordinarily selective and nonetheless assume costs are too excessive,” stated Alison Williamsa Redfin Premier actual property agent in Sacramento, CA. “There aren’t a ton of properties available on the market, however there are sufficient for home hunters to really feel like they’ll take their time. One problem is that many consumers’ purchases are contingent on the sale of their present property, and lots of sellers aren’t keen to take contingent affords. This has brought on a standstill out there.”
The everyday house that went underneath contract in December spent 60 days available on the market. That’s the slowest December tempo in a decade and is six days greater than a yr earlier.
Some consumers are additionally getting chilly toes on the eleventh hour; roughly 40,000 house purchases have been canceled in December, equal to 16.3% of properties that went underneath contract that month. That’s the best December share in information courting again to 2017.
New Listings Drop to Lowest Stage in Almost Two Years
New listings of properties on the market declined 1.4% month over month in December to the bottom seasonally adjusted degree since January 2024, and fell 4.9% yr over yr.
Lively listings fell 1.1% month over month—the most important seasonally adjusted decline since June 2023—and rose 3.9% yr over yr.
House sellers are retreating as a result of consumers are retreating. Many potential sellers are additionally out there for his or her subsequent house and will choose to not promote as a result of shopping for that subsequent house is just too costly.
“Breaking even is a win for house sellers in right this moment’s market. Some sellers who purchased previously 5 years are discovering themselves underwater after accounting for closing prices and commissions,” Williams stated. “Patrons see greenback indicators if a house is outdated, so sellers ought to be certain their properties are effectively maintained and supply a pre-inspection. When sellers comply with that recommendation, they’ve a greater likelihood of getting their record value and promoting their house shortly.”
In lots of circumstances, sellers are providing concessions and/or slicing their value to woo consumers. Patrons maintain the negotiating energy in most markets right this moment as a result of although sellers have been retreating, there are nonetheless far more sellers than consumers.
The everyday house that offered in December went for 1.8% lower than its last record value, the most important December low cost since 2022. Simply 22% of properties offered for extra than their last record value—the bottom December share since 2019.
December 2025 Housing Market Highlights: United States
| December 2025 | Month-over-month change | Yr-over-year change | |
|---|---|---|---|
| Median sale value | $428,742 | -1.0% | 0.5% |
| Present-home gross sales, seasonally adjusted annual fee | 4,290,826 | 0.0% | 0.3% |
| Pending house gross sales, seasonally adjusted | 457,538 | -5.9% | -7.4% |
| Properties offered, seasonally adjusted | 435,735 | 0.8% | -1.6% |
| New listings, seasonally adjusted | 521,701 | -1.4% | -4.9% |
| Complete properties on the market, seasonally adjusted (energetic listings) | 1,973,715 | -1.1% | 3.9% |
| Months of provide | 2.8 | -1.1 | -0.1 |
| Median days on market | 60 | 7 | 6 |
| Share of properties that offered above last record value | 22.0% | -2.3 ppts | -2.2 ppts |
| Common sale-to-final-list-price ratio | 98.2% | -0.2 ppts | -0.3 ppts |
|
Pending gross sales that fell out of contract, as % of total pending gross sales |
16.3% | 2.0 ppts |
1.4 ppts |
| Monthly average 30-year fixed mortgage rate | 6.19% | -0.05 ppts |
-0.53 ppts |
December 2025 Metro-Stage Highlights
The figures under are based mostly on a listing of the 50 most populous U.S. metropolitan areas. Some metros could also be eliminated now and again to make sure information accuracy. Discuss with our metrics definition page for explanations of metrics used on this report. Metro-level information usually are not seasonally adjusted. All modifications under symbolize year-over-year modifications.
- Costs: Median sale costs rose most from a yr earlier in Detroit (8.9%), Newark, NJ (8%) and St. Louis (7.8%). They fell most in Dallas (-7.6%), Oakland, CA (-5.6%) and Austin, TX (-4.2%).
- Pending house gross sales: Pending gross sales rose most in West Palm Seaside, FL (11.7%), Riverside, CA (6.7%) and Anaheim, CA (5%). They fell most in San Jose, CA (-34.6%), San Francisco (-18.7%) and Minneapolis (-18.4%).
- Closed house gross sales: House gross sales rose most in West Palm Seaside (21.2%), Phoenix (13%) and Montgomery County, PA (12.8%). They fell most in San Jose (-14.5%), Detroit (-9.3%) and Philadelphia (-5.8%).
- New listings: New listings rose most in San Francisco (4.5%), Boston (4.3%) and Montgomery County (3.2%). They fell most in San Antonio (-20.1%), Jacksonville, FL (-19.7%) and Tampa, FL (-17.2%).
- Lively listings: Lively listings rose most in Boston (17%), Baltimore (16.1%) and Washington, D.C. (15.6%). They fell most in San Francisco (-20.9%), San Jose (-9.4%) and Jacksonville (-9.3%).
- Days on market: In Houston, the standard house that went underneath contract did so in 79 days, which was 19 days longer than a yr earlier—the most important improve among the many metros analyzed. Subsequent got here San Antonio (+17 days), adopted by Fort Lauderdale and Newark (each +16 days). 4 metros noticed a lower in days on market: San Francisco (-8), San Jose (-6), Kansas Metropolis, MO (-3) and Milwaukee (-1).
- Offered above record value: In Newark, 54.2% of properties offered above their last record value, the best share among the many metros analyzed. Subsequent got here Nassau County, NY (49.5%) and San Jose (46.8%). The bottom shares have been in West Palm Seaside (5.3%), Miami (6.3%) and Fort Lauderdale (6.4%).
December 2025 Full Metro-Stage Information
| U.S. metro space | Median sale value | Median sale value, Y/Y change | Pending gross sales, Y/Y change | Properties offered, Y/Y change | New listings, Y/Y change | Lively listings, Y/Y change | Median days on market | Median days on market, Y/Y change |
|---|---|---|---|---|---|---|---|---|
| Anaheim, CA | $1,165,000 | 1.8% | 5.0% | 2.8% | -5.2% | 3.0% | 55 | 8 |
| Atlanta, GA | $385,000 | -2.3% | -6.4% | -1.2% | -4.3% | 13.4% | 68 | 8 |
| Austin, TX | $431,277 | -4.2% | -5.1% | 3.2% | -11.4% | 6.9% | 106 | 15 |
| Baltimore, MD | $399,900 | 3.9% | -6.5% | -0.2% | -0.9% | 16.1% | 44 | 8 |
| Boston, MA | $725,000 | 0.7% | 0.5% | 3.0% | 4.3% | 17.0% | 29 | 4 |
| Charlotte, NC | $412,000 | 4.3% | N/A | 5.3% | -4.7% | 10.4% | 77 | 13 |
| Chicago, IL | $355,000 | 4.4% | -7.8% | 2.0% | -2.7% | -5.3% | 61 | 0 |
| Cincinnati, OH | $302,342 | 5.4% | -13.6% | 6.8% | -8.7% | 7.8% | 50 | 6 |
| Cleveland, OH | $230,000 | 0.0% | -5.9% | 8.8% | 0.5% | 3.9% | 35 | 1 |
| Columbus, OH | $340,000 | 3.0% | -1.3% | 0.3% | -14.3% | 8.1% | 59 | 7 |
| Dallas, TX | $390,000 | -7.6% | -0.1% | 2.3% | -14.6% | 4.7% | 77 | 11 |
| Denver, CO | $570,000 | -0.9% | -13.7% | -2.3% | -13.4% | 3.5% | 57 | 5 |
| Detroit, MI | $195,000 | 8.9% | -11.0% | -9.3% | -2.9% | 15.4% | 36 | 4 |
| Fort Lauderdale, FL | $450,000 | -0.8% | 2.3% | 4.6% | -12.1% | -2.6% | 99 | 16 |
| Fort Value, TX | $350,000 | -2.8% | -1.0% | -1.7% | -0.7% | -0.9% | 65 | 0 |
| Houston, TX | $335,000 | 0.0% | -12.0% | -0.9% | -3.3% | 6.0% | 79 | 19 |
| Indianapolis, IN | $310,000 | 1.6% | -6.3% | 4.7% | -12.3% | 9.0% | 39 | 7 |
| Jacksonville, FL | $370,000 | -2.6% | -1.5% | -4.7% | -19.7% | -9.3% | 84 | 7 |
| Kansas Metropolis, MO | $337,473 | 3.4% | N/A | 2.8% | 1.5% | -0.8% | 38 | -3 |
| Las Vegas, NV | $445,000 | 1.4% | -4.0% | -1.4% | -6.5% | 14.6% | 72 | 14 |
| Los Angeles, CA | $890,000 | -1.7% | 0.8% | 1.2% | -1.7% | 3.5% | 60 | 9 |
| Miami, FL | $550,000 | -3.5% | 2.5% | -0.3% | -11.4% | 1.2% | 92 | 10 |
| Milwaukee, WI | $335,000 | 4.7% | -5.6% | 0.0% | -7.3% | 1.5% | 48 | -1 |
| Minneapolis, MN | $383,600 | 2.3% | -18.4% | 2.4% | -5.2% | 0.1% | 42 | 0 |
| Montgomery County, PA | $495,000 | 5.5% | 0.6% | 12.8% | 3.2% | 7.1% | 38 | 5 |
| Nashville, TN | $463,000 | 0.7% | 1.5% | 2.2% | 2.2% | 14.6% | 86 | 13 |
| Nassau County, NY | $735,000 | 2.8% | -7.3% | -2.1% | -4.5% | -1.4% | 35 | 3 |
| New Brunswick, NJ | $560,000 | 3.7% | -6.1% | 0.3% | -1.2% | 2.8% | 48 | 6 |
| New York, NY | $780,000 | 5.4% | 2.4% | -0.8% | -6.7% | 3.2% | 60 | 6 |
| Newark, NJ | $610,000 | 8.0% | 4.1% | -2.6% | -1.2% | 14.6% | 44 | 16 |
| Oakland, CA | $850,000 | -5.6% | -17.7% | -1.1% | -16.3% | 3.7% | 35 | 3 |
| Orlando, FL | $400,000 | -1.2% | -5.4% | -4.6% | -11.6% | -1.5% | 63 | 4 |
| Philadelphia, PA | $286,500 | 2.3% | -4.4% | -5.8% | -3.4% | 2.7% | 49 | 4 |
| Phoenix, AZ | $469,500 | 1.0% | 3.1% | 13.0% | -0.9% | 5.8% | 68 | 6 |
| Pittsburgh, PA | $240,000 | 5.3% | 0.9% | 0.2% | 0.7% | 2.9% | 64 | 3 |
| Portland, OR | $545,000 | 1.2% | -8.7% | 7.0% | -9.4% | 4.2% | 55 | 8 |
| Windfall, RI | $500,000 | 4.4% | -5.3% | 8.2% | -1.1% | 4.7% | 34 | 3 |
| Riverside, CA | $585,000 | 0.0% | 6.7% | 1.7% | -5.8% | -2.2% | 61 | 7 |
| Sacramento, CA | $565,000 | -3.4% | -3.0% | 3.3% | 0.9% | 5.8% | 51 | 13 |
| San Antonio, TX | $310,000 | -1.6% | 1.1% | 1.0% | -20.1% | 0.8% | 99 | 17 |
| San Diego, CA | $900,000 | 2.3% | 2.5% | 2.6% | 3.0% | 4.9% | 42 | 5 |
| San Francisco, CA | $1,450,000 | 3.6% | -18.7% | 11.7% | 4.5% | -20.9% | 32 | -8 |
| San Jose, CA | $1,430,000 | -3.9% | -34.6% | -14.5% | -2.9% | -9.4% | 25 | -6 |
| Seattle, WA | $790,000 | 0.0% | -8.3% | 1.3% | -10.9% | 15.3% | 41 | 12 |
| St. Louis, MO | $275,000 | 7.8% | N/A | 1.8% | -0.5% | 7.8% | 34 | 0 |
| Tampa, FL | $385,000 | 1.3% | -14.5% | -3.7% | -17.2% | -0.7% | 63 | 7 |
| Virginia Seaside, VA | $367,100 | 3.4% | 2.0% | 11.6% | -8.3% | 4.9% | 43 | 6 |
| Warren, MI | $318,000 | 6.0% | -15.2% | -3.8% | -3.4% | 8.5% | 35 | 5 |
| Washington, DC | $575,000 | 4.6% | -2.5% | -5.8% | -2.0% | 15.6% | 55 | 13 |
| West Palm Seaside, FL | $509,500 | 1.9% | 11.7% | 21.2% | -8.9% | -5.7% | 87 | 6 |
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