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Story perspectives

December Home Sales Rise 2.2%, Prices Hit Record High

1/25/2025

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Summary

Story summary

U.S. existing home sales increased by 2.2% in December, reaching an annual rate of 4.24 million.
Total sales for 2024 dropped to 4.06 million, the lowest level since 1995.
The median home price hit a record $407,500, influenced by mortgage rates around 7%.
First-time homebuyers accounted for 31% of December sales, with improved inventory levels.
All four U.S. regions experienced year-over-year sales growth, including a 9.3% rise from December 2023.

History

Historical Context

The recent rise in U.S. home sales reflects a historical pattern of recovery following economic downturns. Similar to the post-2008 financial crisis rebound, current sales are driven by low inventory and rising prices, influenced by mortgage rates. This echoes past cycles of housing market resilience amid economic challenges.

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Story summary

U.S. existing home sales increased by 2.2% in December, reaching an annual rate of 4.24 million.
Total sales for 2024 dropped to 4.06 million, the lowest level since 1995.
The median home price hit a record $407,500, influenced by mortgage rates around 7%.
First-time homebuyers accounted for 31% of December sales, with improved inventory levels.
All four U.S. regions experienced year-over-year sales growth, including a 9.3% rise from December 2023.

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