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U.S. Home Sales Plummet 5.5%, New Builds Rise 3.6%

1/31/2025

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Summary

Story summary

Pending home sales in the U.S. plummeted 5.5% in December, the steepest drop since July, with the West suffering a staggering 10.3% decline. As mortgage rates approach 7%, buyer enthusiasm wanes. However, a glimmer of hope shines through as new home sales rose by 3.6%, fueled by more affordable options on the market.

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Story summary

Pending home sales in the U.S. plummeted 5.5% in December, the steepest drop since July, with the West suffering a staggering 10.3% decline. As mortgage rates approach 7%, buyer enthusiasm wanes. However, a glimmer of hope shines through as new home sales rose by 3.6%, fueled by more affordable options on the market.