3rd Look at Local Housing Markets in December

Altos: Active single-family inventory was up 1.3% week-over-week

Jan 20, 2026

First, the NAR is now reporting existing home sales much earlier in the month than in previous years. According to the 2026 release schedule, the NAR will report sales as early as the 9th of the following month. For example, in May 2025 the NAR reported sales on June 23rd. This year, they plan to report May sales on June 9th - a full 2 weeks earlier in the month! This might lead to larger revisions - we will have to wait and see.

I’ve been tracking local data to see the regional differences in sales and inventory, and also to get an early estimate of the NAR report (This had been very accurate). Now we will have a much smaller sample to use for an early projection.

The NAR reported existing home sales in December at 4.35 million on a seasonally adjusted annual rate basis (SAAR), up 1.4% year-over-year. On an NSA basis, sales were up 4.9% YoY (there was an extra selling day in December 2025 compared to December 2024). Sales were down slightly annually, making sales in 2025 the lowest since 1995.

Altos: Active single-family inventory was up 1.3% week-over-week

This graph based on data from Altos Research shows that active inventory of single-family homes, as of January 16th, was up 10.1% YoY compared to the same week in 2025. This will be important to track, and it is possible inventory bottomed very early this year. The significant pickup in inventory usually happens in March.

California Sales up 0.9% in 2025 vs 2024, Median Price Declined YoY

California reports seasonally adjusted sales and some measures of inventory. From the California Association of Realtors® (C.A.R.): California home sales end on high note in December, C.A.R. report

California’s housing market ended the year on a high note as sales rose in December from both the previous month and year for the fourth consecutive month, and closed the year nearly 1 percent higher than in 2024, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California reached a seasonally adjusted annualized rate of 288,200 in December, according to data collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. This annualized figure reflects the number of homes that would be sold in 2025 if December’s sales pace continued throughout the year, with adjustments made for typical seasonal patterns.
December sales inched up 0.3 percent from 287,450 in November. Compared with a year earlier, December sales were up 2.0 percent from a revised 282,490. For the year as a whole, the state recorded an annual sales level of 271,590, an increase of 0.9 percent from the revised sales level of 269,170 reported in 2024. …
California’s median home price fell in December from both the prior month and a year earlier, dropping to a 10-month low of $850,680 as market competition cooled more than is typical for the season. The statewide median price declined 0.4 percent from November, defying the historical average 0.9 percent increase between November and December. This marked the second year-over-year drop in the past three months, as well as the largest annual decline since June 2023. Softer demand and elevated inventory continued to weigh on prices at the end of 2025, paving the way for a more balanced market for buyers and sellers entering 2026. …

• Existing, single-family home sales totaled 288,200 in December on a seasonally adjusted annualized rate, up 0.3 percent from 287,450 in November and up 2.0 percent from 282,490 in December 2024.
• December’s statewide median home price was $850,680, down 0.4 percent from $853,780 in November and down from $861,020 in December 2024.
emphasis added

Closed Sales in December

In December, sales in these markets were up 4.1% YoY. Last month, in November, these same markets were down 6.0% year-over-year Not Seasonally Adjusted (NSA).

Important: There was one more working days in December 2025 (22) as in December 2024 (21). So, the year-over-year change in the headline SA data will be less than the change in NSA data (there are other seasonal factors).

Notes for all tables:

New additions to table in BOLD.
Northwest (Seattle), Jacksonville Source: Northeast Florida Association of REALTORS®
Totals do not include Atlanta and Denver (included in state totals)
Comparison to 2019 ONLY includes local markets with available 2019 data!

For the previous month, there were one fewer working days in November 2025 (18) as in November 2024 (19). So, the year-over-year change in the headline SA data was more than the change in NSA data (there are other seasonal factors).

Sales in all of these markets are down compared to December 2019.

This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis.