Existing-Home Sales Grew at the Close of the Year

Existing-home sales grew slightly at the end of 2024 but remained at lows not seen since 1995. According to the National Association of Realtors, year-over-year existing-home sales grew in each region of the U.S., reaching more than 4 million sales. Year-over-year, sales grew by 9.3%. However, on a month-over-month basis, total existing-home sales increased by just 2.2%.

First-time homebuyers made up the largest percentage of home purchasers in December. They accounted for 31% of sales, up from 30% in November and 29% from one year ago. Cash sales also made up a significant portion of December buys, accounting for another 28% of transactions, an increase from 25% in November but down from 29% in December 2023.

"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." Read more