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four-month winning streak in the housing market came to an abrupt end in December, with pending sales plummeting 5.5% from November and 5% compared to the same month last year. This decline has left agents feeling uncertain about their prospects for the new year.

    Mortgage rates have remained relatively stable, hovering just below 7%, but this stability may be a sign that declines are on the horizon. The pace of home sales has slowed significantly, with listings sitting on the market longer than usual. In fact, the current rate is the lowest in nearly five years.

    The National Association of Realtors' latest data suggests that the housing market may not be rebounding as quickly as hoped. While agents had expressed optimism about a possible recovery in 2025, the recent decline in pending sales has added uncertainty to the outlook.

    Mortgage rates have shown little change, with the average 30-year fixed rate remaining at around 6.95%. However, some experts believe that this stability may be short-lived and that increases in rates may be over. The Federal Reserve's decision to pause rate cuts has also been seen as a positive sign for the market.

    Despite an increase in touring activity, Redfin's Homebuyer Demand Index has fallen slightly, reaching its lowest level since June. The pace of home sales has also slowed, with listings taking longer to sell than usual. Prospective buyers have been cautious due to concerns about interest rates and prices, but some experts believe that this may be a temporary shift in mindset.

    Mortgage applications have decreased 2% compared to the previous week, with a dropoff in refinance applications accounting for most of the decline. However, FHA purchase loans have ticked up 2%, which could be a sign of things to come if mortgage rates continue to stabilize and inventory loosens.