The U.S. National Market

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

• New listings increased 22.7 percent for Single-Family homes and 30.2 percent for Townhouse-Condo homes.
• Pending Sales increased 14.6 percent for Single-Family homes and 24.1 percent for Townhouse-Condo homes.
• Inventory increased 44.4 percent for Single-Family homes and 103.8 percent for Townhouse-Condo homes.

Months’ Supply of Inventory Increases

Months’ Supply of Inventory increased 38.5 percent for Single Family homes and 85.0 percent for Townhouse-Condo homes.

Median Sales Price Increases

Median Sales Price increased 4.3 percent to $257,250 for Single Family homes and 4.6 percent to $170,000 for Townhouse-Condo homes.

Average Days on Market Increases

Days on Market increased 18.6 percent for Single Family and 25.9 percent for Townhouse-Condo homes.

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.

Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2024/12/Dec_2024_MLS-Report.pdf