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- Existing home sales jumped 5.1% in December
Existing home sales jumped 5.1% in December
Plus: Redfin CEO Glenn Kelman steps down after 20 years
🌅 You made it to Thursday. We’re here with all your need-to-know real estate news.
Today's newsletter is 602 words — a 2.5-minute read.
1. Existing home sales jumped 5.1% in December
According to the National Association of Realtors (NAR), existing-home sales in December reached an annual rate of 4.35 million, marking a 5.1% increase from November. Year over year, sales rose 1.4%, demonstrating resilience in the housing market.
Despite the surge in sales, inventory levels remained constrained. December inventory totaled 1.18 million units, representing an 18.1% decline from November but a 3.5% increase from December 2024.
The median existing-home price rose 0.4% year over year to $405,400, marking the 30th consecutive month of annual increases.
2. More mortgages now sit above 6% than 3%
According to a new Realtor.com analysis of outstanding mortgage data, for the first time since 2020, the share of homeowners with mortgages at 6% or higher now exceeds the share with mortgages below 3%.
During the third quarter of 2025, 21.2% of outstanding mortgages carried interest rates of 6% or higher, compared with 20.0% with rates below 3%.
Realtor.com also noted that more than half (51.5%) of outstanding mortgages still have rates at or below 4%, while nearly 69% carry rates of 5% or lower.
“Mortgage rates above 6% now represent a larger share of outstanding loans than the ultra-low rates that defined the pandemic-era housing boom. This crossover reflects a gradual resetting as some households trade in low-rate mortgages for higher-rate loans.”
3. Catch up quick
🏘️ Potter County sees one of the largest YoY jumps in median home prices. (ATTOM)
↩️ Pulte is pulling back from the 50-year mortgage idea. (Realtor.com)
⏳ Over 50% of millennials have delayed a home purchase for 3+ years. (Clever)
🚨 Economist warns Trump's plan to reduce mortgage rates will raise house prices. (Newsweek)
4. Zillow, Redfin seek dismissal of FTC suit over rentals deal
Zillow and Redfin have asked a federal court to dismiss the FTC’s antitrust challenge to their rental listing syndication partnership, pushing back against claims that the deal was designed to sideline competition.
The motion, filed Tuesday in U.S. District Court in Virginia, follows the consolidation of two related lawsuits in late November.
At the heart of the case is a rental syndication agreement under which Redfin exited much of the multifamily rental listings space and began distributing listings through Zillow.
5. Redfin CEO Glenn Kelman steps down after 20 years
After 20 years at the helm, Glenn Kelman is stepping down as CEO of Redfin. Varun Krishna, CEO of Rocket Companies, will serve as interim CEO while the company searches for a permanent replacement. Kelman announced the move on LinkedIn Tuesday.
Kelman said his last day in the office will be Friday, January 16, though he will remain available to support both Rocket and Redfin through April 1. The decision comes six months after Rocket closed its $1.75 billion acquisition of Redfin.
“After 20 years, I’m leaving Redfin. I gave it my all! Leaving was my decision. I love my colleagues. We saved consumers a billion dollars in commissions. I hope to use all that I learned to do something as good as Redfin, in a different field. I’m grateful to Rocket and its CEO, Varun Krishna, for helping us play to win. I’m grateful to Redfin customers.”
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