December 2024
U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021.Economists had forecast existing-home sales would come in at an annual rate of 4.07million units for the month.
New Listings in the Twin Cities region increased 6.4 percent to 2,635. Pending Sales were up 6.2 percent to 2,628. Inventory levels fell 3.4 percent to 6,712 units.
Prices continued to gain traction. The Median Sales Price increased 4.6 percent to$370,000. Days on Market was up 9.8 percent to 56 days. Sellers were encouraged as Months Supply of Homes for Sale was down 5.3 percent to 1.8 months.
Total housing inventory stood at 1.33 million units heading into December, a 2.9%decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing home price of $406,100, a 4.7% increase from one year earlier.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
