US Existing-Home Sales Rise 2.2% in December

On Friday, the National Association of Realtors (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million. Compared to December 2023, sales were up 9.3%, increasing from 3.88 million.

Sales improved in three regions but slipped in the Midwest. Year-over-year, sales increased in all four regions.

The total housing inventory at the end of the month stood at 1.15 million units, a 13.5% decline from November but a 16.2% increase from December 2023 (990,000 units). Unsold inventory represents a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months a year earlier.

The median existing-home price for all housing types in December was $404,400, up 6.0% year-over-year, when the median price was $381,400. All four regions registered price increases.

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 35 days in December, up from 32 days in November and 29 days in December 2023.