U.S. Pending Home Sales Climb 4% in November 2025 with Florida Leading

U.S. Pending Home Sales Rise 4% in November 2025

In a surprising turn, the U.S. housing market has shown resilience with a 4% increase in weekly pending home sales in November 2025 compared to the previous year. Approximately 59,000 single-family homes went under contract, indicating a recovery in buyer activity despite economic uncertainties. Florida has emerged as a standout performer, posting a robust 10% increase in sales. This growth is noteworthy considering the broader market's sluggishness in recent months. The median price of new contracts is around $391,000, while the median asking price per square foot has decreased by 1% from 2024, signaling a slight softening in price trends and an improvement in affordability.

Florida's Housing Market Outpaces National Growth

Florida's housing market has been a significant contributor to the national increase in pending home sales. According to The Mortgage Point, cities like West Palm Beach, Tampa, and Fort Lauderdale saw pending sales rise by 22.8%, 16.2%, and 12.2% respectively. This is despite homes in Florida taking longer to sell, with a median of 98 days on the market, as reported by HousingWire. Nearly 44% of Florida listings have reduced prices, indicating a shift towards a buyer-friendly market. With 97,224 active listings, Florida's months of supply have climbed to 3.6, compared to the national average of 2.9 months.

Inventory and Affordability Trends Across the U.S.

Nationally, inventory levels are up 16% year-over-year, offering more choices for buyers amid steady demand. This increase in inventory comes as the market enters the holiday season, traditionally marked by a tightening of supply. According to J.P. Morgan Research, the number of single-family existing homes for sale has risen roughly 20% year-over-year. However, despite this increase, the market remains near record lows in inventory, a factor that has kept prices relatively stable. The modest 1% decrease in median asking prices per square foot could further improve housing affordability.

Impact of Elevated Mortgage Rates on Buyer Behavior

Mortgage rates continue to influence buyer behavior, with many house hunters waiting for further rate reductions before entering the market. According to Forbes Advisor, mortgage demand has fallen to levels not seen since the foreclosure crisis in 2010. The average mortgage rate has slightly decreased to 6.17%, as noted by The Mortgage Point, offering some relief to potential buyers. However, high household debt and lingering inflation above the Federal Reserve's target rate continue to pose challenges.

Comparative Analysis: Regional Differences in Market Performance

Regions across the U.S. are experiencing varying degrees of market activity. While Florida leads with significant growth, other areas are seeing minimal increases in sales. According to Mortgage Professional, pending home sales in the U.S. declined by 0.3% year-over-year in early November 2025. The median home-sale price climbed by 2.4% to $393,700, marking the largest jump in six months. This disparity highlights the uneven recovery across different markets, with some regions benefiting more from the current economic conditions than others.

Future Implications for the U.S. Housing Market

Looking ahead, the U.S. housing market faces a mixed outlook. J.P. Morgan Research anticipates a modest 3% rise in house prices throughout 2025. With mortgage rates expected to ease slightly to 6.7% by year-end, potential buyers may find improved purchasing conditions. According to RealEstateAbroad.com analysis, this could lead to a gradual thawing of the housing market freeze observed in recent months. Investors and buyers should monitor economic factors such as mortgage rates, inflation, and inventory levels to make informed decisions in the coming year.