U.S. pending home sales fell -9.3% MoM and -3.0% YoY in December 2025, reversing recent improvement in contract signings.

• The National Pending Home Sales Index declined -9.3% MoM, the largest one-month drop since April 2020, indicating a broad-based pullback in new contracts.

• On a YoY basis, pending sales were down -3.0%, as gains in the South were more than offset by declines in the Northeast, Midwest, and West.

• Regional detail: Northeast -11.0% MoM and -3.6% YoY, showing both a sharp monthly drop and a continued annual decline.

• Midwest -14.9% MoM and -9.8% YoY, the largest declines across regions on both a monthly and annual basis.

• South -4.0% MoM but +2.0% YoY, standing out as the only region with positive annual growth despite a monthly contraction.

• West -13.3% MoM and -5.1% YoY, reflecting a sizable monthly pullback alongside a weaker annual trend.

• Inventory was cited at 1.18M homes in December, matching the lowest level of 2025, suggesting limited listings alongside softer contract activity.

• Realtor confidence metrics for December closings showed median time on market at 39 days (vs 36 prior month; 35 a year earlier), first-time buyers at 29% (vs 30%; 31%), and investor/second-home share at 18% (flat MoM; up from 16% YoY).