Despite a softer finish to the year, overall demand in 2025 proved remarkably steady. Fourth-quarter activity disappointed relative to last year, with both pended and closed transactions down 14% in December and approximately 2% for the quarter. That said, zooming out to the full year tells a calmer story: pended sales increased just over 1% year-over-year, and closed sales finished roughly 1% above pre-COVID norms.