As affordability challenges and uncertainty about the economy are keeping buyers and sellers on the sidelines, just 28 out of every 1,000 U.S. homes changed hands in the first nine months of 2025, the lowest rate reported since the 1990s
Prolonged lags in existing home sales contribute to reduced household spending, services output, economist notes
Yet, the 15.5% of canceled purchase contracts was the highest cancellation rate in a year, reflecting the razor-thin affordability margins.
First American economist expect a rise in home sales this spring.
NAR reports mixed trends as housing market recovery faces mortgage rate challenges.
Despite a 1% dip in December's existing-home sales, the median price hits a record high of $389,800 in 2023, while housing inventory remains a challenge.
As existing-home sales dip further, median prices rise unabated.
Existing-home sales decline across most U.S. regions; rising mortgage rates and limited inventory dampen buyer optimism.