Pending Home Sales Drop Sharply in December
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- The total housing inventory in the United States was 1.18 million units in December 2025, representing a 9% decrease from November 2025.
- Despite the monthly decline, inventory was 12% higher compared to December 2024, although this increase is relative to a historically low base.
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U.S. housing Inventory in December 2025
The total housing inventory in the United States was 1.18 million units in December 2025, representing a 9% decrease from November 2025. This figure matches the lowest inventory level recorded throughout 2025.
Despite the monthly decline, inventory was 12% higher compared to December 2024, although this increase is relative to a historically low base. According to the National association of Realtors (NAR), limited inventory can dampen consumer enthusiasm for home purchases.
Definition / Direct Answer: U.S. housing inventory in December 2025 was 1.18 million units, a 9% decrease from November 2025.
Detail: The NAR has consistently reported low inventory levels throughout 2025, impacting the housing market. The decrease in available homes can led to increased competition among buyers and perhaps higher prices.The 12% year-over-year increase, while positive, is considered modest given the extremely low levels seen in the previous year.
Example or Evidence: according to Lawrence Yun, NAR’s chief economist, “Consumers prefer seeing abundant inventory before making the major decision of purchasing a home. So, the decline in pending home sales could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale.” National Association of Realtors – pending Home Sales (Accessed January 23, 2026).
National Association of Realtors (NAR)
the National Association of Realtors (NAR) is a trade association representing over 1.5 million members engaged in all aspects of the real estate industry. About NAR (Accessed January 23, 2026).
lawrence Yun
Lawrence Yun serves as the Chief Economist for the National Association of Realtors. Lawrence Yun – NAR Chief Economist (Accessed January 23, 2026).