IE Business Daily Business news for the Inland Empire.
Pending homes nationwide fell 5.9 percent month-over month in December, the lowest seasonally adjusted level ever except April 2020.
Compared with December 2024, pending home sales were 7.4 percent, according to Redfin, a Seattle-based real estate agency.
“Buyers are extremely selective, and still think prices are too high,” said Alison Williams, Redfin spokesperson, in the statement. “There aren’t a ton of homes on the market, but there are enough for house hunters to feel like they can take their time. Many buyers’ purchases are contingent on the sale of their current property, and many sellers aren’t taking contingent offers. This has caused a standstill in the market.”
A home that went under contract in December spent 60 days on the market, the slowest December pace in a decade.
Pending home sales were up 6.7 percent in Riverside last month, the second-highest rate among major U.S. markets, Redfin reported.
