Existing home sales ended 2024 in an upswing, according to data from the National Association of Realtors (NAR).
Total existing home sales rose by 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year-over-year, sales were up 9.3% from the 3.88 million transactions in December 2023. Sales advanced in three of the four major regions – the Midwest recorded a drop – while sales accelerated year-over-year in all four regions.
The median existing home price for all housing types in December was $404,400, up 6.0% from $381,400 recorded one year ago. All four regions posted price increases. First-time buyers were responsible for 31% of sales in December, up from 30% in November 2024 and 29% in December 2023, while cash sales accounted for 28% of transactions in December, up from 25% in November but down from 29% in December 2023.
On an annual basis, existing home sales (4.06 million) declined to the lowest level since 1995, while the median price reached a record high of $407,500 in 2024.
“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” said NAR Chief Economist Lawrence Yun. “Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market.”
Yun added, “The median home price was elevated partly due to the upper-end market’s relative better performance. Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.”
