1st Look at Local Housing Markets in December

The latest analysis from the Calculated Risk Real Estate Newsletter offers the first look at December 2025 local housing market trends across the United States. Published on January 7, 2026, the report provides data-driven insights into regional real estate activity, highlighting shifts in supply, demand, and pricing dynamics. The newsletter, a trusted source for housing market intelligence, compiles comprehensive metrics from multiple metropolitan areas to give industry professionals and prospective buyers a clearer picture of current conditions.

Key housing markets such as Los Angeles, New York City, Dallas, and Phoenix are closely examined in the December report. These cities represent major economic hubs with diverse real estate landscapes. The analysis indicates that while some markets showed signs of stabilization, others continued to face affordability challenges amid fluctuating mortgage rates. Inventory levels remained a critical factor, with many regions experiencing a slight uptick in new listings compared to the previous month.

One notable trend in December was the continued presence of all-cash buyers, particularly in high-demand areas. This segment accounted for a significant portion of transactions, reflecting investor activity and buyer flexibility in competitive markets. The report also notes that median home prices in several key metros remained elevated, though price growth has moderated in some markets compared to earlier in the year.

Mortgage rates played a pivotal role in shaping buyer behavior. After rising through much of 2025, rates stabilized in late fall, prompting some buyers to re-enter the market. The Federal Reserve’s monetary policy decisions continued to influence financing conditions, with analysts watching closely for signals of future rate cuts in 2026. The report underscores how sensitive the housing market remains to interest rate movements, even as other economic factors remain stable.

For real estate professionals and homebuyers, the Calculated Risk Real Estate Newsletter serves as a valuable tool for navigating today’s complex market. By breaking down local trends and broader economic indicators, it helps stakeholders make informed decisions. The December data suggests a cautiously optimistic outlook, with signs of gradual improvement in market balance.

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