{"id":79128,"date":"2025-01-17T05:00:25","date_gmt":"2025-01-17T13:00:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79128"},"modified":"2025-01-16T17:05:01","modified_gmt":"2025-01-17T01:05:01","slug":"pending-home-sales-fall-december-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pending-home-sales-fall-december-2024\/","title":{"rendered":"Pending Home Sales Fell the Most Since 2022 in December as Mortgage Rates Jumped"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Pending home sales dropped 4.5% from November as mortgage rates jumped to the highest level in months.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Roughly 40,000 home purchases were called off in December, equal to 16% of homes that went under contract\u2014the highest December percentage on record.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Existing home sales\u2014a lagging indicator of deals that were negotiated in prior months when mortgage rates were lower\u2014rose to the highest level in nearly two years.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pending home sales fell 4.5% month over month in December on a seasonally adjusted basis, the largest decline since October 2022. They dropped 2.3% year over year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyer demand dipped at the end of the year because mortgage rates jumped. After inching downward at the beginning of the month, mortgage rates reversed course halfway through December and have been rising since\u2014in part because the Federal Reserve <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-higher-fed-2025-cuts\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">projected<\/span><\/a><span style=\"font-weight: 400;\"> fewer 2025 interest-rate cuts than anticipated. The weekly average 30-year-fixed mortgage rate now sits at <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">7.04%<\/span><\/a><span style=\"font-weight: 400;\">, the highest level since May, after hitting an early-December low of 6.6%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases fell through at the highest December rate on record, which likely contributed to the decline in pending sales. Nearly 40,000 <\/span><span style=\"font-weight: 400;\">home-purchase agreements were canceled in December, equal to 16.2% of homes that went under contract that month. That\u2019s the highest December percentage in records dating back to 2017 and is up from 15.1% a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-79129\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-1536x1063.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru-2048x1418.png 1733w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/pendings-fallen-thru.png 1734w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please note that homes that fell out of contract during a given month didn\u2019t necessarily go under contract the same month. For example, a home that fell out of contract in December could have gone under contract in November. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomebuying activity will likely slow further in January due to the wildfires impacting Los Angeles\u2014the nation\u2019s second most populous metro area\u2014and winter storms impacting the Mid-Atlantic and Southeast,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cRent prices, on the other hand, may tick up as people who have been displaced by the fires seek alternative housing.\u201d<\/span><\/p>\n<h3>Existing Home Sales Rose to the Highest Level in Nearly Two Years<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nExisting home sales rose 0.7% month over month in December to a seasonally adjusted annual rate of 4,317,683\u2014the highest level since February 2023. They jumped 6% year over year\u2014the largest annual increase since July 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone wp-image-79130\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS-1024x710.png\" alt=\"\" width=\"800\" height=\"555\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS-1536x1065.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/01\/EHS.png 1731w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">A seasonally adjusted annual rate is not a measurement of actual total sales for the year, but rather, the pace of sales at a given time. A seasonally adjusted annual rate of 4,317,683 in December means that existing home sales would end the year at that level if homes were sold at the December pace for each month of 2024. For the full year of 2024, actual existing home sales came in at 4,189,268\u2014roughly in line with 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall home sales, a metric that includes sales of both existing and newly built homes, rose 1.9% month over month on a seasonally adjusted basis. They jumped 9.3% year over year, the biggest annual gain since June 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that both existing and overall home sales are lagging indicators. They reflect purchases that, while finalized in December, went under contract (AKA pending) during the several months leading up to December. Those several months were a key time in the housing market; housing demand <\/span><a href=\"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-most-since-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">jumped<\/span><\/a><span style=\"font-weight: 400;\"> in September as mortgage rates hit a two-year low and the Federal Reserve cut interest rates, and then jumped <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-tours-rise\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">again<\/span><\/a><span style=\"font-weight: 400;\"> after the uncertainty around the election disappeared.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomebuyers pumped the brakes when mortgage rates ticked back up, and are now in wait-and-see mode,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jesse-landin\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jesse Landin<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier real estate agent in San Antonio. \u201cEveryone is just trying to figure out when rates are going to come down again. In the meantime, a lot of house hunters are opting to rent.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin expects mortgage rates to remain elevated and volatile throughout 2025.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">December 2024 Housing Market Highlights: United States<\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>December 2024<\/b><\/th>\n<th><b>Month-over-month change<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$427,670<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.5%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6.3%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Existing home sales, seasonally adjusted annual rate<\/b><\/th>\n<th><span style=\"font-weight: 400;\">4,317,683<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6.0%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Pending home sales, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">471,888<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4.5%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.3%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">449,684<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">9.3%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">515,054<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,723,121<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">7.0%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.5<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.6<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">49<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">24.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.4 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">98.5%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.5 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Monthly average 30-year fixed mortgage rate<\/b><\/a><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.72%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.09 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3>Home Prices Posted the Largest Gain in Almost a Year<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe median U.S. home sale price increased 6.3% year over year to $427,670 in December, the biggest annual gain since February.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices continue climbing because there\u2019s still a shortage of homes for sale. New listings fell 1.6% month over month on a seasonally adjusted basis and declined 1.5% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active listings, a measure of all homes on the market, fell 0.3% month over month\u2014the first decline on a seasonally adjusted basis in five months. They rose 7% year over year, but that was the smallest annual increase in nearly a year. One reason active listings are rising is that some homes are taking a long time to sell, causing stale supply to <\/span><a href=\"https:\/\/www.redfin.com\/news\/sales-speed-stale-listings-august-2024\/\"><span style=\"font-weight: 400;\">pile up<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3>Homes Sold at the Slowest December Pace in Five Years<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe typical home that went under contract in December was on the market for 49 days\u2014the slowest December pace since 2019. That\u2019s up from 43 days a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just 25.1% of homes went under contract within two weeks\u2014the lowest share in five years. That\u2019s down from 28.4% in December 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One silver lining in a slow housing market: Buyers have more flexibility to bide their time and ask sellers for concessions.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: December 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\"><br \/>\nThe bullets below are based on a list of the 50 most populous U.S. metropolitan areas. Some metros may be removed from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Cleveland (15%), Milwaukee (14.5%) and Philadelphia (14%). They rose least in three Florida metros: Tampa (0.5%), Orlando (1.3%) and Jacksonville (1.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">Pending sales rose most in Anaheim, CA (9.7%), Phoenix (9.4%) and New Brunswick, NJ (6.9%). They fell most in Newark, NJ (-12.5%), New York (-9.3%) and Orlando (-9.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in San Diego (28.4%), San Jose, CA (25.8%) and Anaheim (24%). They fell in three metros: West Palm Beach, FL (-9.8%), Fort Lauderdale, FL (-3.5%) and Detroit (-1.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in San Francisco (26.8%), Oakland, CA (21.1%) and Anaheim (16%). They fell most in San Antonio (-16.8%), Newark (-10.6%) and Austin, TX (-10.2%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Cincinnati (37.3%), Fort Lauderdale (33%) and San Diego (26.3%). They fell most in Newark (-9.5%), San Francisco (-5.1%) and San Antonio (-3.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In Newark, 60.5% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (52.1%) and Nassau County, NY (50.9%). The lowest shares were in West Palm Beach (6%), Miami (6.9%) and Fort Lauderdale (9%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Pending home sales dropped 4.5% from November as mortgage rates jumped to the highest level in months. Roughly 40,000 home purchases were called off in December, equal to 16% of homes that went under contract\u2014the highest December percentage on record. Existing home sales\u2014a lagging indicator of deals that were negotiated in prior months when mortgage [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":79131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[20,32,623],"dashboard":[],"coauthors":[125],"class_list":["post-79128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-affordability","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pending Home Sales Fell the Most Since 2022 in December<\/title>\n<meta name=\"description\" content=\"About 40,000 home purchases were canceled in December, equal to 16% of homes that went under contract\u2014the highest December percentage on record.\" \/>\n<meta name=\"robots\" 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