Existing-Home Sales Increase by 2.2% in December 2024
According to recent data from the National Association of Realtors (NAR), month-over-month existing-home sales increased 2.2% in December 2024. This is the strongest monthly increase since February 2024. Total sales of existing-homes were also up 9.3% from the same time period a year ago. This also represents the largest year-over-year gain since June 2021.
NAR chief economist Lawrence Yun, stated, “Home sales in the final months of the year showed solid recovery despite elevated mortgage rates."
Yun continued, "Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market."
How did home prices end December 2024?
While sales data continued to show improvement, home prices also showed an increase. The median home price was up 6.0% from December 2023 to $404,400. This also represents the 18th consecutive month of year-over-year price increases.
Yun said, “The median home price was elevated partly due to the upper-end market’s relative better performance. Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.”
How did different regions perform in December 2024
The NAR report revealed that different regions of the US showed unique trends and differences.
- Existing-home sales in the Northeast were up 3.9% from November 2024 and 10.4% year-over-year.
The average home price was up to $478,00, an increase of 11.8% from last year. - The Midwest saw existing-home sales slide 1.0% in December 2024 compared to November 2024, but saw a yearly increase of 6.5%.
The median home price increased 9.0% from December 2023. - The Southern region saw homes sales increase by 3.2% month-over-month and 9.0% from the previous year.
Home prices were up 3.4% from the previous year to $361,000 - The Western region saw home sales go up by 2.6% month-over-month and increase 12.9% from the previous year.
Home prices were up 6.0% from December 2023.
How long were homes on the market in December 2024?
The monthly REALTORS® Confidence Index showed that properties remained on the market for about 35 days in December 2024, up from 32 days in November 2024, and 29 days in December 2023.
Where were mortgage rates at?
Data from Freddie Mac showed that the average 30-year fixed rate mortgage was at 6.96% as of January 23rd. That’s down from 7.04% in the previous week but up from 6.69% a year ago.
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Source: https://www.nar.realtor/newsroom/existing-home-sales-ascended-2-2-in-december
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