Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
December 2025
Data
Existing-Home Sales
Existing-home sales increased by 5.1% in December. Month-over-month sales increased in all regions. Year-over-year sales increased in the South, remained flat in the Midwest and West, and decreased in the Northeast.
Pending Home Sales
Pending home sales in December decreased by 9.3% from the prior month and 3.0% year over year. Month-over-month pending home sales declined in all four regions. Year-over-year pending home sales rose in the South and declined in the Northeast, Midwest and West.
Housing Affordability Index
The housing affordability index rose to 108.4 in November from 106.3 in October. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
First-time buyers represented 29% of buyers, down slightly from 30% last month and from 31% one year ago. 28% of buyers had all-cash sales, which was virtually unchanged from 27% one month ago and from 28% one year ago.
How REALTORS® Can Use This
REALTORS® can use existing-home sales and pending home sales data to gauge current demand trends and anticipate market shifts. They can also utilize the affordability and quarterly data to identify pricing patterns and assess buyer capacity across different regions to adapt strategies for their clients.
Videos
How REALTORS® Can Use This
“Ask the Economist” is a new video series that gives REALTORS® a quick, easy-to-digest update on new economic trends and market activity, straight from NAR's Research Team. REALTORS® can use this in listing appointments to show buyers/sellers they’re up-to-date on interest rates, housing inventory, etc.; buyer consultations to explain why now might be a good time to act or wait based on real data; email follow-ups: “Here’s what NAR’s latest economist update says about local trends.”
Reports
- November 2025 Commercial Real Estate Market Insights
- 2025 Appraisal Process Report
- 2025 Appraisal Issues Survey (member login required)
How REALTORS® Can Use This
REALTORS® can leverage NAR reports to provide clients with data-driven insights on specific market conditions and equip themselves with important knowledge about the market. This empowers members to assist buyers and sellers in making informed decisions regarding timing, pricing, and location.
Articles on the Economy
- Where Young Homeowners Are Defying the National Trend
- January’s Market Dynamics: Sales, Inventory, and Buyer Trends
- Where New Households Begin: Owning vs. Renting
- Household Formation is Happening Across Age Groups
- Jobs, January 9, 2026
- Housing Affordability in October Rose Despite Higher Home Prices
- December's Market Dynamics: Sales, Inventory, and Buyer Trends
How REALTORS® Can Use This
REALTORS® can use the Economists’ Outlook blog to stay updated on experts’ commentary, economic forecasts, housing market outlooks, and regional trends, and then use these insights to help clients on timing purchases or sales based on anticipated market movement. By sharing analysis of the housing market and translating it into consumer-friendly guidance, agents can build credibility and empower their clients to navigate the housing market with confidence.