Existing-home sales rose for the third month in a row in December, the National Association of REALTORS® (NAR) said.            

Specifically, sales rose 2.2% from November to a seasonally adjusted annual rate of 4.24 million. Year over year, sales were up 9.3% from 3.88 million in December 2023.  

“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” NAR Chief Economist Lawrence Yun said. “Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months.” 

The median existing-home price for all housing types in December was $404,400, up 6% from its year-ago level of $381,400.    

The 30-year, fixed-rate mortgage averaged 6.96% as of Jan. 23, according to Freddie Mac. That’s down from 7.04% a week before but up from 6.69% a year earlier.        

“It’s important to remember that home sales are right in the middle of a seasonal slump and will not break free from the frost until the spring home-buying season is upon us,” CoreLogic Chief Economist Selma Hepp said. “However, inflation remains above the Fed’s target, so mortgage rates are not expected to dip meaningfully in the next few months. …Historically, it takes more than a year for consumer sentiment to improve significantly after a sustained wave of inflation keeping prices high.” 

By property type, single-family home sales rose 1.9% month over month and 10.1% year over year to a seasonally adjusted annual rate of 3.83 million. The median existing single-family home price was $409,300, up 6.1% on a year-over-year basis.    

Existing condominium and co-op sales rose 5.1% from November to an annual rate of 410,000. The median existing condo price was $359,000, up 4.5% from December 2023. 

Homes typically remained on the market for 35 days in December, up from 32 days in November and 29 days in December 2023.