Existing-home sales in the United States increased by 5.1% in December to a seasonally adjusted annual rate of 4.35 million, according to the National Association of Realtors. Month-over-month sales grew in all regions. Compared with December 2024, sales rose in the South, remained unchanged in the Midwest and West, and declined in the Northeast.
Lawrence Yun, Chief Economist at the National Association of Realtors, said that housing market conditions improved in the fourth quarter as mortgage rates declined and home price growth slowed. He noted that December’s seasonally adjusted home sales were the strongest in nearly three years, with gains observed across all major U.S. regions. Yun added that inventory levels remain tight, as fewer homeowners are listing their properties, but more listings are expected to come to market beginning in February.
Total housing inventory reached 1.18 million units in December, down 18.1% from November and up 3.5% from one year earlier. The supply of unsold inventory stood at 3.3 months, compared with 4.2 months in November and 3.2 months in December 2024. The median existing-home price for all housing types was $405,400, an increase of 0.4% from $403,700 in December 2024. This marked the 30th consecutive month of year-over-year price increases.
Single-family home sales rose 5.1% from November to a seasonally adjusted annual rate of 3.95 million, up 1.8% from one year earlier. The median single-family home price was $409,500, 0.2% higher than in December 2024. Sales of condominiums and co-ops increased 5.3% month over month to an annual rate of 400,000 but declined 2.4% from December 2024. The median condo and co-op price was $364,400, up 1.5% year over year.
In the Northeast, existing-home sales rose 2.0% from November to an annual rate of 520,000, down 1.9% from one year earlier. The median price reached $496,700, 3.7% higher than in December 2024. The Midwest recorded a 2.0% increase in sales to 1 million units, unchanged from December 2024, with a median price of $306,000, up 3.1% year over year. In the South, sales increased 6.9% to an annual rate of 2.02 million, 3.6% above December 2024, while the median price fell 0.3% to $360,200. The West posted a 6.6% rise in sales to an annual rate of 810,000, with no change year over year, and the median price declined 1.4% to $605,600.
