What’s Happening In The Market?
January Updates
Please note: this SFAR data is for Dec 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 54.0 percent for single family homes but decreased 3.6 percent for Condo/TIC/Coop properties. Pending Sales increased 27.7 percent for single family homes but remained flat for Condo/TIC/Coop properties.
The Median Sales Price was up 5.8 percent to $1,534,000 for single family homes and 6.5 percent to $1,060,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 41.7 percent for single family units and 28.6 percent for Condo/TIC/Coop units.
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.
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