Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
Real estate does not thrive in uncertainty. It thrives in predictability. Buyers want to know what the future holds for taxes, schools, infrastructure, interest rates and public safety.
Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability.
WASHINGTON —Pending home sales retracted 5.5% in December—following four consecutive months of increases—the National Association of Realtors reported today (Jan. 30). All four U.S. regions experienced month-over-month losses in transactions, with the most significant fall in the West. Year-over-year, contract signings fell in all four U.S. regions, with the Midwest seeing the largest decrease.
The Pending Home Sales Index slid 5.5% to 74.2 in December. Year-over-year, pending transactions declined 5.0%. Last year’s cyclical low point occurred in July 2024 at 70.2. An index of 100 is equal to the level of contract activity in 2001.
“After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising,” said NAR Chief Economist Lawrence Yun. “Economic data never moves in a straight line. High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions.”
“Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability,” Yun added. “Job gains tend to have greater impact in more affordable regions. It is unclear if heavier-than-usual winter precipitation impacted the timing of purchases.”
The Northeast PHSI fell 8.1% from last month to 62.3, down 1.3% from December 2023. The Midwest index shrunk 4.9% to 74.3 in December, down 6.9% from the previous year.
The South PHSI slipped 2.7% to 90.6 in December, down 5.1% from a year ago. The West index tumbled by 10.3% from the prior month to 57.7, down 5.1% from December 2023.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
The report noted that in Westchester County, the luxury segment remains particularly strong, with significant buyer activity in the $2-million-and-above category.
Legislative decisions at every level of government impact how we do business, safeguard private property rights, and help our clients achieve the dream of homeownership.
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