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.

• Single Family Closed Sales were up 11.4 percent to 4,988.

• Townhouse-Condo Closed Sales were up 16.5 percent to 1,654.

• Adult Communities Closed Sales were up 13.8 percent to 576.

• Single Family Median Sales Price increased 8.7 percent to $560,000.

• Townhouse-Condo Median Sales Price increased 13.2 percent to $430,000.

• Adult Communities Median Sales Price increased 7.5 percent to $360,000.

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 3.8month 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 a median existing-home price of $406,100, a 4.7% increase from one year earlier.