Research and Statistics

Month-over-month and year-over-year sales decreased in all regions. “The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration. Affordability conditions are improving, with NAR’s Housing Affordability Index showing that housing is the most affordable it’s been since March 2022. This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago. However, supply has not kept pace and remains quite low,” says NAR Chief Economist Dr. Lawrence Yun.

In December 2025, month-over-month pending home sales declined in all four regions. Year-over-year pending home sales rose in the South and declined in the Northeast, Midwest and West. According to NAR Chief Economist Lawrence Yun, “The housing sector is not out of the woods yet. After several months of encouraging signs in pending contracts and closed sales, the December new contract figures have dampened the short-term outlook. Data shows closing activity increased in December. However, new listings did not keep pace so inventory decreased. Consumers prefer seeing abundant inventory before making the major decision of purchasing a home. So, the decline in pending home sales could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale.”