According to new data from the National Association of Realtors (NAR), pending home sales fell 5.5% month-over-month in December 2024. The West Coast in the United States was hit the hardest. Redfin Head of Economic Research Chen Zhao joins Wealth to discuss what this signals for the broader health of the housing market.
Zhao notes that as 2024 came to a close, "housing market activity really slowed, and we’re seeing that continue into the new year." She notes this is related to a rise in mortgage rates as the Federal Reserve began signaling a pause to interest rates.
"I think that the housing market is likely to remain fairly sluggish in the near term," she tells Yahoo Finance, though she notes continued "uncertainty" stemming from new Trump administration policies that could drive mortgage rates higher.
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