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New listings for existing US homes climb 7.6%, highest since June peak

New listings for existing US homes climb 7.6%, highest since June peak

Posted on December 23, 2024   |  

New home listings grew by 7.6% in the four weeks ending December 15th, the highest increase since June, except for a temporary spike in late November due to Thanksgiving.

Median home prices increased by 6% compared to last year, marking the second-largest rise since October 2022.

Consumer confidence reached a 16-month high after the November election, encouraging more sellers to list their homes.

Sellers responded to higher demand, with mortgage applications rising by 18% month-over-month and pending home sales increasing by 4.1%.

Buyers felt more confident making major financial decisions after the market slowdown in summer and early fall.

Mortgage rates fell for three straight weeks, reaching a two-month low of 6.6%, attracting more buyers.

Daily mortgage rates climbed back above 7% on December 18th after the Federal Reserve adjusted its forecast to two interest rate cuts in 2025 instead of four.



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