December 2024
U.S. existing-home sales improved for the second consecutive month, rising 4.8%
to a seasonally adjusted annual rate of 4.15 million units, an eight-month high,
according to the National Association of REALTORS® (NAR). Sales were up 6.1%
compared to the same time last year, marking the largest year-over-year increase
since June 2021. Economists had forecast existing-home sales would come in at an
annual rate of 4.07 million units for the month.
New Listings were up 20.4 percent to 1,100. Pending Sales increased 19.9 percent
to 887. Inventory grew 27.6 percent to 2,770 units.
Prices moved lower as Median Sales Price was down 0.8 percent to $270,500. Days
on Market increased 11.6 percent to 48 days, the twelfth consecutive month of yearover-
year gains. Months Supply of Inventory was up 25.0 percent to 2.5 months, the
twelfth consecutive month of year-over-year gains.
Total housing inventory stood at 1.33 million units heading into December, a 2.9%
decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-
month supply at the current sales pace. Inventory remains below the 5 – 6 months’
supply of a balanced market, and the limited number of homes for sale continues to
put upward pressure on sales prices nationwide, with NAR reporting a median
existing-home price of $406,100, a 4.7% increase from one year earlier.
Information courtesy of CMLS*
