Copyright ©2025“Pending Home Sales.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. May 30, 2025. https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales
Copyright ©2025“Pending Home Sales.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. May 30, 2025. https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales
Explore the latest National Association of Realtors® Pending Home Sales Index, tracking contract activity across the United States. This report provides current and historical data on national housing demand, revealing forward-looking market trends that signal future movements in home sales, pricing, and inventory. View the full PDF for a deeper analysis of how today’s numbers compare to long-term benchmarks and past market cycles.
NAR Pending Home Sales Index – January 23, 2026 Update
The National Association of Realtors® (NAR) has released its December 2025 Pending Home Sales Index (PHS), one of the most reliable forward-looking indicators of U.S. housing demand. The latest data confirms that the national housing market remains firmly entrenched in a demand recession, with contract activity operating at levels far below historical norms and showing no meaningful signs of recovery.
For December 2025, the Pending Home Sales Index registered 46.8, down 21.6% month over month and 1.3% year over year. More importantly, the historical average December reading is 64.7, placing current contract activity approximately 27.6% below long-term seasonal norms. On an absolute basis, the index is running at less than half of its normalized level of 100, underscoring the severity of today’s demand shortfall.