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NAR: Existing-Home Sales Increased to 4.24 million SAAR in December
From the NAR: Existing-Home Sales Ascended 2.2% in DecemberExisting-home sales climbed in December, according to the National Association of Realtors®. Sales advanced in three major U.S. regions and slipped in the Midwest. Year-over-year, sales accelerated in all four regions. 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. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year-over-year, sales swelled 9.3% (up from 3.88 million in December 2023). ... Total housing inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023. emphasis addedClick on graph for larger image. This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994. Sales in December (4.24 million SAAR) were up 2.2% from the previous month and were 9.3% above the December 2023 sales rate. This was the third consecutive year-over-year increase after declining YoY every month for over 3 years.The second graph shows nationwide inventory for existing homes. According to the NAR, inventory decreased to 1.15 million in December from 1.33 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer. The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory. Inventory was up 16.2% year-over-year (blue) in December compared to December 2023. Months of supply (red) decreased to 3.3 months in December from 3.8 months the previous month. The sales rate was above the consensus forecast. I'll have more later.
From the NAR: Existing-Home Sales Ascended 2.2% in DecemberClick on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in December (4.24 million SAAR) were up 2.2% from the previous month and were 9.3% above the December 2023 sales rate. This was the third consecutive year-over-year increase after declining YoY every month for over 3 years.
Existing-home sales climbed in December, according to the National Association of Realtors®. Sales advanced in three major U.S. regions and slipped in the Midwest. Year-over-year, sales accelerated in all four regions.
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.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year-over-year, sales swelled 9.3% (up from 3.88 million in December 2023).
...
Total housing inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in December (4.24 million SAAR) were up 2.2% from the previous month and were 9.3% above the December 2023 sales rate. This was the third consecutive year-over-year increase after declining YoY every month for over 3 years.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory decreased to 1.15 million in December from 1.33 million the previous month.
According to the NAR, inventory decreased to 1.15 million in December from 1.33 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 16.2% year-over-year (blue) in December compared to December 2023.
Months of supply (red) decreased to 3.3 months in December from 3.8 months the previous month.
The sales rate was above the consensus forecast. I'll have more later.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 16.2% year-over-year (blue) in December compared to December 2023. Months of supply (red) decreased to 3.3 months in December from 3.8 months the previous month.
The sales rate was above the consensus forecast. I'll have more later.
