December Sees Increase in Existing-Home Sales, Yet 2024 Remains Slowest Year in Decades
January 24, 2025 - 18:42
Existing-home sales experienced a modest increase of 2.2% in December, reaching a seasonally adjusted annual rate of 4.24 million. This marks the strongest pace observed since February 2024, signaling a potential uptick in the housing market as the year comes to a close. However, despite this positive movement in December, the overall performance of the housing market throughout 2024 has been notably sluggish.
The year is projected to be the slowest for home transactions in nearly 30 years, reflecting ongoing challenges faced by potential buyers. Factors such as elevated mortgage rates and limited inventory continue to impact the market dynamics, leading to cautious behavior among buyers. While the December increase offers a glimmer of hope, it underscores the broader trends that have characterized the housing landscape throughout the year. As the market navigates these challenges, industry experts remain watchful for signs of recovery in 2025.
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