Data Show Pending Home Sales Fell at the End of 2024
Despite months of improvement, pending home sales dropped by more than 5% in December 2024
Jan. 31, 2025
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With pending home sales falling in December, homes stayed on the market longer.
Following months of steady increases, pending-home sales decreased at the end of 2024. According to the National Association of Realtors, pending sales declined by 5.5% in December, and year-over-year, they fell by 5%. Each region of the U.S. experienced month-over-month losses in transactions, with the most occurring in the West. There, pending–home sales dropped by more than 10%.
“After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising,” said NAR Chief Economist Lawrence Yun. “Economic data never moves in a straight line. High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions.”Read more
