US pending home sales dropped 5.8% year-over-year in the four weeks ending December 14th—the steepest decline we've seen so far in 2025.

The weakness is everywhere. Out of America's 50 largest metro areas, only 6 managed to hold steady. The rest? All red. San Francisco and major coastal markets bore the brunt of the downturn, posting some of the sharpest pullbacks.

What this tells you: Housing weakness often precedes broader economic softness. When buyers pump the brakes on real estate, it ripples across everything—consumer sentiment, employment expectations, capital allocation. For crypto investors tracking macro cycles, this data point matters. It signals how tight household finances are getting and what central banks might do in response.