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Existing-home sales for the full year 2024 were the lowest since 1995, according to the National Association of Realtors (NAR).

Existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December, the strongest monthly pace since February. The December 2024 levels were 9.3% above the 3.88 million transactions from December 2023. The median existing-home price for all housing types in December was $404,400, up 6.0% from a year ago.

“The median home price was elevated partly due to the upper-end market’s relative better performance,” says NAR chief economist Lawrence Yun. “Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.”

However, even with the solid momentum in the fourth quarter, existing-home sales fell to the lowest level in nearly 30 years—4.06 million—on an annual basis in 2024. Conversely, the median price for existing-home sales reached a record high level of $407,500 in 2024.

“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” says 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.”

According to the NAR, total inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from a year ago. Unsold inventory sits at a 3.3 month supply at the current sales pace, up from 3.1 months in December 2023.

First-time home buyers accounted for 31% of sales in December, up from 30% in November 2024 and 29% in December 2023. Cash sales accounted for 28% of transactions in December. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in December, identical to levels from December 2023.

Single-family home sales increased by 1.9% to a seasonally adjusted annual rate of 3.83 million in December, up 10.1% from the prior year. The median existing single-family home price was $409,300 in December, up 6.1% from December 2023.

On a regional basis, existing-home sales increased in the Northeast, South, and West, but fell in the Midwest. The annual rate of sales was highest in the South (1.93 million) and lowest in the Northeast (530,000). The median price of existing sales was the highest in the West ($614,500) and lowest in the Midwest ($298,600).