NAR Realtor Confidence Index
The National Association of Realtors (NAR) released its Realtor Confidence Index for December, and the takeaway is straightforward: Realtors are increasingly confident that the first quarter of 2026 will be stronger than 2025.
Here’s what the December data shows:
-
Homes sold above list price: 16%, unchanged from last year
-
Cancellations: 5%, unchanged from last year
-
Waived inspections: 18%, down slightly from 20% in December 2024
-
Waived appraisals: 19%, up from 18% last year
-
Average offers per home: 2.2, unchanged from last year
-
Days on market: 39, up from 35 last year
-
Cash sales: 28%, unchanged
-
Investor purchases: 18%, up from 16% last year
-
First-time homebuyers: 29%, down from 31% last year
Overall, these are solid metrics. Sixteen percent of homes are still selling above list price, and cancellations remain steady at just 5%. Not long ago, headlines were warning about “rising cancellations,” but the reality is that cancellations are never zero—and they haven’t increased year over year.
Nearly one in five buyers are still waiving inspections and appraisals, which is a clear sign of competition. Homes are receiving an average of 2.2 offers, reinforcing that multiple-offer situations are still common.
The one softer spot in the report was days on market, which increased modestly. We believe this figure was influenced by the same factors that weighed on the Pending Home Sales report—an unusually long holiday break in December and weather disruptions in parts of the country.
As for first-time homebuyers, this is a volatile data point that typically fluctuates between 27% and 33%. Because of that, we don’t get overly optimistic when it rises within that range, nor overly concerned when it dips.
Bottom line: Realtor confidence is improving, competition remains present, and the underlying housing market data continues to show resilience—despite what the headlines may suggest.