Existing home sales in the US increased by 2.2% in December 2024 compared to the previous month, reaching a seasonally adjusted annualized rate of 4.38 million units—the highest level since February 2024.
US existing home sales rise to 10-month high
"Home sales in the final months of the year showed a solid recovery despite elevated mortgage rates," noted Lawrence Yun, Chief Economist at the National Association of Realtors (NAR). "While winter sales are typically slower than in the spring and summer, momentum is building, with sales rising year-over-year for three consecutive months. Consumers clearly recognize the long-term benefits of homeownership. Job and wage growth, along with improved inventory levels, are having a positive impact on the market."
Total housing inventory decline
Meanwhile, total housing inventory declined to 1.15 million units, a 13.5% drop from November, equating to 3.3 months of supply at the current sales pace. This tightening of supply highlights ongoing challenges for buyers despite improving conditions in the broader housing market.
