How is the housing market doing?
The housing market showed some spark in December, with home sales ticking up 2% from November—making it three months in a row of growth! Even better, sales were 9% higher than last December, a big improvement after a long slump.
Inventory is still tight, which means home prices stayed high. The median price hit $404,100, up 6% from last year. Demand is being fueled by a strong job market—employers added over 250,000 jobs in December, the biggest boost since March!
Regionally, sales were up almost everywhere: 4% in the Northeast, 3% in the South and West, but down slightly (1%) in the Midwest. Both single-family homes and condos saw a solid bump in sales. Multifamily properties, which have struggled for years, finally saw an uptick too.
What’s ahead? With interest rates starting to ease and the economy holding steady, 2025 is shaping up to be a better year for buyers and sellers alike.
Got questions about the market or your plans? Let’s talk!
