Cover of the NAR Monthly Research Update report

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

December 2024

Event: NAR Real Estate Forecast Summit: The Year Ahead

View the video recording, presentations, and Housing Hot Spots for 2025 report.

Data

Existing-Home Sales

Existing-home sales grew in November. Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions. Total existing-home sales improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).

Pending Home Sales

Pending home sales gained 2.2% in November – the fourth consecutive month of increases and the highest level since February 2023. The Midwest, South, and West experienced month-over-month transaction gains, while the Northeast decreased. Year-over-year, contract signings increased in all four U.S. regions, with the West leading the pack. The Pending Home Sales Index advanced 2.2% to 79.0 in November. Year-over-year, pending transactions improved 6.9%. An index of 100 is equal to the level of contract activity in 2001.

Housing Affordability Index

Housing affordability decreased to 102.3 in October from 104.9 in September. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.

REALTORS® Confidence Index

53% of respondents reported that properties sold in less than one month. This is down from a month ago (59%) and down from 62% in November 2023. First-time buyers represented 30% of buyers, slightly up from 27% last month but virtually unchanged from one year ago at 31%. 25% of buyers had all-cash sales, down from 27% one month ago and 27% one year ago.

Reports

Articles From the Economists' Outlook Blog

Instant Reactions

Download the full reportpdf

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