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Story perspectives

Pending Home Sales Plummet 6% Amid Record Prices

1/16/2026

31 5 Full Breakdown

Summary

Story summary

Pending home sales in the United States fell 6% in December, the largest drop since 2022 and the lowest level aside from April 2020.
Year-over-year, pending sales declined 7.4%.
The typical home sold for about 2% below its list price.
Homes spent an average of 60 days on the market.
The median home sale price rose to $428,742, the highest December level recorded.

History

Historical Context

The U.S. housing market crash began in 2006, following a 124% increase in home prices from 1997 to 2006. By 2008, home values had dropped over 20%, leading to a surge in foreclosures, with nearly 2.3 million properties affected that year. Today’s 6% decline in pending home sales reflects ongoing economic challenges, echoing the volatility of the Great Recession.

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Story summary

Pending home sales in the United States fell 6% in December, the largest drop since 2022 and the lowest level aside from April 2020.
Year-over-year, pending sales declined 7.4%.
The typical home sold for about 2% below its list price.
Homes spent an average of 60 days on the market.
The median home sale price rose to $428,742, the highest December level recorded.

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