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Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
February 2025
Event: FREE Real Estate Forecast Summit
On March 21, 2025, from 2:00 – 3:00 p.m. ET, NAR will hold a virtual economic and real estate summit focusing on residential and commercial markets. A recording of the event will be made available to REALTORS® as a value-added resource to discuss and strategize the market with clients. Registered attendees will receive an email with a link to the recording as soon as it is available. The recording will also be posted on nar.realtor and NAR's Research social media account pages.
Data
Existing-Home Sales
Existing-home sales retreated in January. Sales slipped in three major U.S. regions and held steady in the Midwest. Year-over-year, sales rose in three regions and were unchanged in the South. Total existing homes descended 4.9% from December to a seasonally adjusted annual rate of 4.08 million in January. Year-over-year, sales improved 2.0% (up from 4 million in January 2024).
Pending Home Sales
Pending home sales pulled back 4.6% in January. The Midwest, South, and West experienced month-over-month transaction losses – with the most significant drop in the South – while the Northeast saw a modest gain. Year-over-year, contract signings lowered in all four U.S. regions, with the South seeing the greatest falloff. The Pending Home Sales Index fell 4.6% to 70.6 in January, an all-time low. (Last year’s cyclical low point in July 2024 was revised from 70.2 to 71.2.) Year-over-year, pending transactions declined 5.2%. An index of 100 is equal to the level of contract activity in 2001.al low point occurred in July 2024 at 70.2. An index of 100 equals the level of contract activity in 2001.
Housing Affordability Index
The housing affordability index increased to 100.7 in December from 99.4 in November. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
47% of respondents reported that properties sold in less than one month. This is down slightly from a month ago (49%) and down from 53% one year ago. Homes listed received an average of 2.6 offers, up from 2.1 last month and essentially flat from 2.7 one year ago. 29% of buyers had all-cash sales, virtually unchanged from 28% one month ago and down from 32% one year ago.
Reports
- January 2025 Foot Traffic
- Housing Hot Spots for 2025: Top Markets and Stabilizing Rates
- January 2025 Commercial Real Estate Market Insights
- Residential Real Estate Market Snapshot
Articles on the Economy
- Built-for-Rent Housing Remains Elevated
- Just the Facts, Ma’am: Single Women Home Buyers Since 1981
- Housing Shortage Tracker: Insights From the Final Quarter of 2024
- Behind the Numbers: Top 15 States for Population and Migration Trends in 2024