Existing-home sales up 2.2% in December, says NAR

Vicky Jarrett //Managing Editor//January 27, 2025

WASHINGTON — Existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — were up 2.2% in December (month over month), according to a recent report by the National Assn. of Realtors.

December’s existing-home sales reached a seasonally adjusted annual rate of 4.24 million, the strongest pace since February last year. Sales grew 9.3% year over year, the largest YOY gain since June 2021. Median home prices were $404,400, down from the year’s record high of $407,500.

nar existing sales,dec infographic“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” said NAR Chief Economist Lawrence Yun. “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.”

He added, “Job and wage gains, along with increased inventory, are positively impacting the market.”

Sales advanced in three major U.S. regions and slipped in the Midwest. Year-over-year, sales accelerated in all four regions.

The inventory of unsold existing homes dropped 13.5% from the previous month to 1.15 million at the end of December, or the equivalent of 3.3 months’ supply at the current monthly sales pace. This is down 13.5% from November but up 16.2% from one year ago (990,000).

Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.

According to the monthly Realtors Confidence Index, properties typically remained on the market for 35 days in December, up from 32 days in November and 29 days in December 2023.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of January 23. That’s down from 7.04% one week ago but up from 6.69% one year ago.

By region

  • In December, existing-home sales in the Northeast grew 3.9% from November to an annual rate of 530,000, up 10.4% from December 2023. The median price in the Northeast was $478,900, up 11.8% from last year.
  • In the Midwest, existing-home sales slid 1.0% in December to an annual rate of 990,000, up 6.5% from the prior year. The median price in the Midwest was $298,600, up 9.0% from December 2023.
  • Existing-home sales in the South increased 3.2% from November to an annual rate of 1.93 million in December, up 9.0% from one year before. The median price in the South was $361,800, up 3.4% from one year earlier.
  • In the West, existing-home sales rose 2.6% in December to an annual rate of 790,000, up 12.9% from a year ago. The median price in the West was $614,500, up 6.0% from December 2023.

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