by calculated risk 1/24/2025 10:00:00 AM
From NAR: Existing home sales rose 2.2% in December
Existing home sales rose in December, according to the National Association of Realtors®. Sales advanced in the three major U.S. regions, slipping in the Midwest. Year-over-year sales accelerated in all four regions.
Annually, traditional at-home sales (4.06 million) fell to their lowest level since 1995.The median price reached a record of $407,500 in 2024.
Total existing home sales – completed transactions including single-family homes, townhomes, condos and cooperatives – in November 4.2 million people per year, seasonally adjusted in December. Year-on-year, sales increased by 9.3% (up to 3.88 million in December 2023).
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Total registered home inventory at the end of December was 11.5 million units, down 13.5% in November but up 16.2% (990,000) from a year earlier. Outstanding inventory sits at a supply of 3.3 months at the current sales pace, up from 3.8 months in November and 3.1 months in December 2023.
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This graph shows existing home sales at seasonally adjusted annual rates (SAAR) since 1994.
Sales in December (4.24 million Saar) were 2.2% higher than the previous month and 9.3% higher than the December 2023 sales rate. This marks an increase for three consecutive years, after more than three years of declines in the number of days per month.
Inventories fell to 1.1 million in December from 13.3 million the previous month, according to NAR.
The final graph shows year-over-year (YoY) changes in reported existing housing inventory and supply months. Inventory is not seasonally adjusted, so it really helps to see day-of-the-week changes. Note: Supply is based on seasonally adjusted sales rather than seasonally adjusted inventory across months.
Inventories increased 16.2% year-over-year in December compared to December 2023.
Supply (red) decreased from 3.8 months the previous month to 3.3 months in December.
Sell-through rates were higher than consensus forecasts. I’ll have more later.
