December 2024 Monthly Statistics

U.S. existing-home sales rose for the second consecutive month, climbing 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). This marked a 6.1% increase compared to last year, the largest year-over-year gain since June 2021. Economists had predicted sales would reach an annual rate of 4.07 million units, making the actual figure a pleasant surprise.

New listings increased by 13.4% for single-family homes but declined by 7.7% for condominiums. Pending sales dropped significantly, falling 32.8% for single-family homes and 24.4% for condominiums. Inventory grew substantially, rising 63.2% for single-family homes and 105.3% for condominiums. Meanwhile, the median sales price increased 14.5% to $1,374,238 for single-family homes and 1.2% to $860,000 for condominiums. The days on the market also lengthened, up 34.4% for single-family homes and 18.2% for condominiums. Months of supply grew as well, increasing 67.6% for single-family homes and 151.0% for condominiums.

Total housing inventory heading into December stood at 1.33 million units, reflecting a 2.9% decline from the previous month but a 17.7% increase year-over-year. This represents a 3.8-month supply at the current sales pace, still below the balanced market range of 5–6 months. The limited inventory continues to drive upward pressure on home prices, with the median existing home price reaching $406,100, a 4.7% increase from the previous year, according to NAR.

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