December was the eighth month of 2024 to record year-over-year home sales, according to new data from RE/MAX (NYSE: RMAX).
Last month’s home sales were up 13.3% over December 2023 and were also 4.4% above the level set in November. While the number of homes for sale in the 52 metro markets surveyed by RE/MAX was 22.0% from one year earlier, it was also down 12.4% from November, which was attributed to seasonal trends. New listings were 7.5% higher from the prior year but down 24.9% from the prior month. The markets with the biggest increase in year-over-year new listings percentage were Burlington, Vermont (+32.1%), Manchester, New Hampshire (+30.6%), and Las Vegas (+30.2%).
With a median sales price of $427,000, December homes remained $25,000 (6.2%) more than December 2023’s $402,000 but cost about $3,000 (-0.6%) less than in November. Homes also took a week longer to sell in December on both a year-over-year and month-over-month measurement.
“Overall, 2024 showed some modest improvements in housing inventory,” said RE/MAX Holdings Inc. CEO Erik Carlson. “Affordability remains a challenge for many buyers, but demand persists as people continue to see the value of homeownership. Buyers should stay informed and act when the time is right for them.”
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