Realtor.com’s December 2024 Monthly Housing Trends Report, which shows a 22.0% growth in homes actively for sale compared with the same time last year. This is the fourteenth straight month of inventory growth, but because of seasonality, active homes for sale plummeted to their lowest level since June 2024. Miami (45.4%), San Diego (42.4%), and Denver (41.9%) led the way with the highest active listing growth year over year amongst the top 50 metros in the U.S.
Per Realtor.com Chief Economist, Danielle Hale: “December is traditionally a slower time for the market, as people settle in for the holidays, and we expect to see a seasonal downturn each year. Compounding this, mortgage rates are hovering in the high 6s, following a strikingly different trend than at this time last year. Nevertheless, the number of homes for sale grew compared to last December. Further, growing activity in newly listed homes and a slower market pace could spell opportunity for winter buyers who want to get ahead of the busier spring season.”
Other key highlights from this month’s report include:
- The total number of unsold homes, including homes that are under contract, increased by 17.5% compared with last year.
- Home sellers slowed down their activity slightly in December, with just 0.9% more homes newly listed on the market compared with last year, down from 2.0% last month.
- The median price of homes for sale this December was down 1.8 percent compared with last year, at $402,502, however, the median price per square foot grew by 1.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.
- Homes spent 70 days on the market, the slowest December in five years and the slowest month since January 2023. This is nine days more than last year and eight more days than last month.
- The share of listings with price cuts was essentially flat from last year, with 12.9% of sellers cutting prices in the month of December, up slightly from 12.7% in December 2023.
The full report is live here and an article from our news team here . If you’re interested, I’d be happy to coordinate an interview.
