New listings of U.S. homes fell 1.7% year-over-year in the four weeks ending December 7, 2025, marking the steepest decline in over two years, according to Redfin. The drop reflects both seasonal patterns and subdued buyer demand.
Pending home sales also fell 4.1% compared with a year earlier, the sharpest decline in ten months. Homes under contract now spend an average of 51 days on the market—about a week longer than in 2024.
Buyers have been cautious for months, constrained by high housing costs and ongoing economic uncertainty. The median home sale price rose 2% year-over-year, supported by tight inventory despite slowing demand. Mortgage rates have eased slightly to their lowest point in more than a year, but remain above 6%, keeping many buyers priced out.
“Some would-be sellers are holding off because the market is flat,” said Josh Felder, a Redfin Premier agent in San Francisco. “Part of this is the usual seasonal slowdown, and part is homeowners waiting to see how rates, the stock market, and tariffs will develop. Many may opt to list in 2026 once the economic outlook is clearer.”
The data highlights ongoing caution in the housing market as buyers and sellers navigate elevated costs and economic uncertainty heading into the new year.
