NAR Pending Home Sales

Fewer home buyers signed contracts to purchase a property in December, breaking a four-month streak of gains for pending home sales. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales—showed contract signings fell 5.5% month over month in December and were down 5% from a year earlier.

This marks a weak ending to a difficult year for home sales in 2024, which saw the lowest level for existing-home sales in nearly 30 years, NAR recently reported.

Real estate professionals are likely eager to put last year’s sales numbers in the rearview mirror as economists predict a housing turnaround in 2025.

Still, “after four straight months of gains in contract signings, one step back is not welcome news,” says NAR Chief Economist Lawrence Yun. “But it is not entirely surprising. Economic data never moves in a straight line.” Plus, home sales in the winter typically are slower than in the spring or summer seasons, and heavier-than-usual winter precipitation for many parts of the country may have also played a hand in slowing pending sales.