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edfin says new U.S. home listings fell 1.7% YoY in the four weeks ending Dec. 7, 2025—the steepest drop in over two years. Seasonal trends and weak buyer demand explain the slowdown. Pending sales slipped 4.1% from a year earlier, the largest decline in ten months, and the average contract period rose to 51 days, a week longer than 2024.

    Consumers stay cautious amid economic uncertainty and high housing costs. Median sale prices edged up 2% YoY, helped by tighter inventory even as demand weakens. Mortgage rates are at their lowest in more than a year but still above 6%, limiting affordability.

    Redfin Premier agent Josh Felder says many sellers are holding off because buyers are waiting to see how rates, the stock market, and tariffs evolve. He expects some to list in 2026 when conditions clarify. The market remains cautious as buyers and sellers navigate high costs and uncertainty into the new year.