More New Listings, Fewer Pending Sales

For every 100 new US single-family listings, 86 went pending recently versus 96 in the prior reading, signaling supply outpaced fresh contracts.
New supply rebounded more strongly: ~73K listings came to market while ~62K homes went pending, with listings ↑~10% yearly and pendings ↓~3% yearly.
Across most of the past six weeks, pending sales absorbed less incoming supply than comparable readings, and 86 marked the first clear break below mid-90s.
Active inventory reached ~890K homes, months of inventory moved above 3 mo, and price cuts ran slightly ahead; median days on market stayed at 70.
The key watchpoint now is whether the national pending-to-listing ratio rebounds toward the mid-90s after holiday noise or stays below 90 and lets inventory build.