Existing home sales in the United States hit an almost three-decade low last year but showed signs of recovery in the final months, according to the latest numbers released by the National Association of Realtors (NAR).
“On an annual basis, existing-home sales (4.06 million) declined to the lowest level since 1995” in 2024, the association said in a Jan. 24 statement. Total inventory at the end of December 2024 was at 1.15 million units, up 16.2 percent from a year ago. This is equivalent to 3.3 months’ supply at the current monthly pace of sales. Typically, a six-month supply is suggestive of a balanced market. Anything below indicates a seller’s market where homes can be sold within a few months.
