US Pending Home Sales fall -9.3% month-over-month, the highest since the pandemic in 2020.

Multiple authoritative sources confirm that pending home sales in the US dropped sharply by approximately 9.3% from November to December 2025. This decline is widely reported as the largest monthly fall since April 2020, when the pandemic initially disrupted the housing market. The National Association of Realtors (NAR) data, cited by several outlets including Detroit News, Bloomberg Law, and Wolf Street, shows the Pending Home Sales Index fell to around 71.8, a level not seen since mid-2025 or earlier in the pandemic period.

Some sources emphasize that this drop brought pending sales to their lowest level on record aside from April 2020, while others highlight it as the steepest monthly percentage decline since that time. There is slight variation in framing, some mention it as the lowest level since July 2025 or the worst December on record, but all agree on the magnitude and timing of the drop.

The context includes ongoing challenges such as high mortgage rates and tight inventory constraining housing market activity. The data primarily covers existing home contracts and reflects a cooling market after some prior momentum.

Overall, the claim aligns well with current data and reporting but could be nuanced by noting it is specifically about December 2025's month-over-month change and that it is the largest drop since early pandemic months rather than an absolute all-time record.