Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the strongest pace since February 2024. Sales grew 9.3% from one year ago, the largest year-over-year gain since June 2021. Sales advanced in three major U.S. regions and slipped in the Midwest. Year-over-year, sales accelerated in all four regions according to the National Association of Realtors (NAR).
“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. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market.”
Total housing inventory registered at the end of December was 1.15 million units, 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.
The median existing-home price3 for all housing types in December was $404,400, up 6.0% from one year ago ($381,400). All four U.S. regions posted price increases.
Distressed sales, foreclosures and short sales, represented 2% of sales in December, unchanged from November and the previous year.
Read the NAR release.
