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.

January 2025

Data

Existing-Home Sales

Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the strongest pace since February 2024 (4.38 million). Sales grew 9.3% from one year ago, the largest year-over-year gain since June 2021 (+23.0%). The median existing-home sales price progressed 6.0% from December 2023 to $404,400, the 18th consecutive month of year-over-year price increases and the biggest year-over-year growth since October 2022 (+6.5%).

Pending Home Sales

Pending home sales retracted 5.5% in December – following four consecutive months of increases. All four U.S. regions experienced month-over-month losses in transactions, with the most significant fall in the West. Year-over-year, contract signings reduced in all four U.S. regions, with the Midwest seeing the largest decrease. The Pending Home Sales Index slid 5.5% to 74.2 in December. Year-over-year, pending transactions declined 5.0%. Last year’s cyclical low point occurred in July 2024 at 70.2. An index of 100 equals the level of contract activity in 2001.

Housing Affordability Index

Housing affordability decreased to 99 in November from 102.4 in October. 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 flat from a month ago (53%) and down from 56% one year ago. Homes listed received an average of 2.1 offers, flat from 2.1 last month and down from 2.4 one year ago. 28% of buyers had all-cash sales, up from 25% one month ago and essentially flat from 29% one year ago.

Reports

Articles From the Economists' Outlook Blog

Instant Reactions

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