New listings of U.S. homes for sale fell 1.7% year-over-year in the four weeks ending December 7, 2025, marking the largest decline in more than two years, according to Redfin.
The slowdown reflects a combination of seasonal trends and muted buyer interest. Pending home sales dropped 4.1% from a year earlier, the steepest decline in ten months, while the typical home under contract now takes 51 days to sell–about a week longer than in 2024.
Buyers have remained cautious for months, weighed down by economic uncertainty and persistently high housing costs. The median sale price climbed 2% year-over-year, buoyed by tightening inventory even as overall demand wanes. Mortgage rates have eased slightly to their lowest level in over a year, but they remain above 6%, limiting affordability for many buyers.
“Some would-be sellers are sitting tight because the market is flat,” said Josh Felder, a Redfin Premier agent in San Francisco. “That’s partly due to the typical seasonal slowdown, and partly because homeowners and buyers are waiting to see how rates, the stock market, and tariffs will evolve. Many may choose to list in 2026 when the economic picture becomes clearer.”
The data underscores ongoing caution in the housing market as buyers and sellers navigate a landscape of elevated costs and economic unpredictability heading into the new year.
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