New listings of homes for sale fell 1.7 percent year-over-year during the four weeks ending Dec. 7, the biggest decline in over two years, according to a report from Redfin.
Would-be home sellers are pulling back partly because it’s the end of the year, typically a slow season for the housing market, and partly because they’re reacting to lackluster homebuying demand. Pending home sales are down 4.1 percent from a year ago, the biggest decline in 10 months. The homes that are selling are taking a long time to do so, while the typical home that goes under contract is doing so in 51 days, roughly a week longer than last year.
Prospective homebuyers have been hesitant for many months, spooked by widespread economic uncertainty and high housing costs. The median home-sale price ($389,123) is up 2 percent, with prices rising despite slow demand partly because of tightening inventory. The weekly average mortgage rate has fallen to its lowest level in over a year, but it’s still well above 6 percent.
“Some would-be sellers are sitting tight because the market is flat,” Josh Felder, a San Francisco-based Redfin premier agent, said in a release. “That’s partly because we’re heading into the normal seasonal slowdown, and partly because prospective sellers and house hunters are watching and waiting to see what’s going to happen next year with rates, the stock market and tariffs. Some homeowners will put their home on the market in 2026 when they have a better idea of how the economy will shape up.”
Among the 50 most populous metro areas in the U.S., the ones with the largest year-over-year increases in new listings are: Boston (+10.2 percent); Philadelphia (+8 percent); Minneapolis (+6.9 percent); Montgomery County, Pa. (+5.9 percent); and Baltimore (5.5 percent).
The ones with the biggest year-over-year decreases in new listings are San Antonio (-22.8 percent); Tampa, Fla. (-19.3 percent); Jacksonville, Fla. (-15.8 percent); Fort Lauderdale, Fla (-13.7 percent); and West Palm Beach, Fla. (-11.8 percent).
The metro areas with the largest year-over-year increases in median sale price are Detroit (+12.6 percent); Pittsburgh (+11.6 percent); Cleveland (+9.6 percent); New Brunswick, N.J. (+8.4 percent); and Nassau County, N.Y. (+8.4 percent).
The areas with the largest year-over-year decreases in median sale price are Dallas (-5.1 percent); Fort Worth, Texas (-4.9 percent); Jacksonville, Fla. (-4.8 percent); Seattle (-4.5 percent); and Sacramento, Calif. (-4.4 percent).
The metros with the biggest year-over-year increases in pending sales are: West Palm Beach, Fla. (+15.2 percent); Miami (+9.3 percent); Virginia Beach, Va. (+7.8 percent); Boston (+7.6 percent); and Phoenix (+3.3 percent).
The areas with the largest year-over-year decreases in pending sales are San Jose, Calif. (-30.1 percent); Houston (-18.6 percent); Tampa, Fla. (-16.8 percent); Denver (-15 percent); and Oakland, Calif. (-13.4 percent).