Pending Home Sales Hit Second Lowest Level on Record

• Pending sales fell 6% in December—the largest seasonally adjusted decline since 2022—amid stubbornly high housing costs and economic uncertainty.

• The typical home that did sell spent 60 days on the market, the slowest December pace in a decade.

• The supply of homes for sale fell the most since 2023 as sellers retreated amid sluggish demand.

• The good news for buyers is mortgage rates have been falling and many sellers are offering concessions—the typical home that sold last month went for roughly 2% less than its list price.

U.S. pending home sales declined 5.9% month over month in December to the lowest seasonally adjusted level on record except April 2020, when the coronavirus pandemic halted the housing market. Redfin’s records date back to 2012. 

December’s…