By the Numbers
Nationally, home sales were down 2.6% year over year and up 8.4% month over month, RE/MAX said.
The median existing-home price was also on the upswing last month, providing homeowners a bit of refuge as the stock market undergoes a correction, Chief Economist Lawrence Yun said in the monthly report.
The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges.
Falling consumer sentiment suggests potential homebuyers are wary of the short-term economic outlook and future inflation, CoreLogic Chief Economist Selma Hepp said.
At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
In Denver, home prices rose 1.51% year over year and 0.08% month over month in December.
At the same time, builder sales expectations for the next six months posted their second-largest drop since the sentiment index started in 1985.
On a city basis, Chicago posted the highest annual increase among the country’s 20 largest metros, followed by Miami, Las Vegas and Washington, D.C.
The median existing-home price for all housing types in December rose 6% from its year-ago level.
Nationally, home sales were up 13.3% year over year and 4.4% month over month, RE/MAX said.
In its last reading before the end of the year, the National Association of REALTORS® Pending Home Sales Index posted its fourth consecutive monthly increase in November.
The median-sales price slid from $425,600 in October to $402,600 last month.
The year-over-year increase of 6.1% is the greatest since June 2021, according to the association.
On a monthly basis, however, sales were down 13.3%, RE/MAX said.
More buyers are touring homes and applying for mortgages as the 2024 housing market enters its home stretch, according to a new Redfin report.
Despite the new record in September, the rate of increase continues to slow.