The National Association of Realtor’s (NAR) Realtors Confidence Index showed an increase in the Market Outlook for both buyers and sellers, compared to the previous month and year.
Average days on the market listed grew to 39 days, yet sellers continued to receive an unchanged average of 2.2 offers. While first-time buyers have decreased to 29%, cash purchasers continue to hold a steady 28% share of the market.
Key Findings:
- Some 31% of those surveyed anticipate a year-over-year (YoY) rise in buyer traffic over the next three months, up from 22% last month and 27% a year ago.
- An estimated 28% of those surveyed anticipate a YoY rise in seller traffic over the next three months, up from 18% last month and 27% a year ago.
December 2025 Survey Highlights:
| Key Market Indicators | December 2025 | November 2025 | December 2024 |
| Median days on market | 39 | 36 | 35 |
| First-time homebuyers, as percent of sales | 29% | 30% | 31% |
| Sales for non-primary residence use, as a percent of sales | 18% | 18% | 16% |
| Sales intended for vacation use, as a percent of sales | 7% | 5% | 4% |
| Cash sales, as percent of sales | 28% | 27% | 28% |
| Distressed sales, as percent of sales | 2% | 2% | 2% |
| Average number of offers received on the most recent sale | 2.2 | 2.2 | 2.2 |
| Percent of properties sold above the list price | 16% | 18% | 16% |
Homebuyers & Sellers See Different Trends Nationwide
In certain housing markets, supply remains constrained compared to demand, leading to 16% of homes being sold above the list price. However, this figure is unchanged from last year and has decreased from 18% one month ago:
- Homes that were listed garnered an average of 2.2 offers, consistent with last month and the same time last year.
- The percentage of buyers engaging in all-cash sales was 28%, remaining consistent with 27% from the previous month and 28% from the same time last year.
- Some 5% of buyers acquired a home solely based on a virtual tour, showing, or open house, without having seen the property in person—essentially unchanged from 6% a month ago and 5% a year ago.
Contracts were typically closed within 30 days, consistent with both last month and one year ago. However, some experienced delays or were terminated. The share of terminated contracts over the past three months stood at 5%, which is comparable to the previous month’s figure of 6% and last year’s figure of 5%.
In the past three months, 14% of contracts experienced delayed settlements, which is nearly unchanged from 15% last month and 16% a year ago. The report also revealed that the number of contracts delayed due to appraisal issues remained at 6%, consistent with both the 5% figure from a month ago and the 5% from a year ago.
First-Time Buyer Shares See Modest Slip
First-time homebuyers made up an estimated 29% of purchasers, a slight decrease from 30% last month and 31% a year ago. Among all buyers, 18% made purchases for non-primary residence use, which is flat compared to last month and an increase from 16% last year.
The share of home purchases for vacation use rose to 7%, compared to 5% a month prior and 4% a year prior, while the percentage of sellers who sold to an iBuyer remained stable at 2%, compared to 1% last month and 0% a year ago. Further, the proportion of distressed sales remained constant at 2%, the same as one month ago and one year ago.
Contrarily, there were no notable changes in contract activity for buyers. The percentage of buyers who waived the inspection contingency was 18%, a decrease from 20% both one month and one year prior and the percentage of buyers who waived the appraisal contingency remained unchanged at 19%, compared to 20% last month and 18% a year ago.
However, buyers tend to maintain their search for most of their activity outside city centers, accounting for approximately 83%.
To read the full report, click here.
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