In a notable uptrend, existing home sales concluded the year at a seasonally adjusted annual rate of 4.24 million units, marking a significant annual increase of 9.3%. This surge reflects strong buyer demand as well as a stabilizing housing market after a turbulent period characterized by fluctuating interest rates and economic uncertainty. Factors contributing to this rebound include an improved inventory of homes for sale, as well as ongoing modestly lower mortgage rates which have encouraged potential buyers to enter the market.
As the existing home market gains momentum, industry experts emphasize several key elements driving this growth.
– **Sales Rate**: Existing home sales reached 4.24 million units, indicating robust market activity.
– **Annual Increase**: The year-over-year growth of 9.3% signals a positive trend in home-buying confidence.
– **Buyer Demand**: Strong competition among buyers continues to play a crucial role in elevating sales figures.
– **Inventory Levels**: An increase in available housing inventory has facilitated smoother transactions, making homes more accessible.
– **Mortgage Rates**: A slight decline in mortgage rates has made financing more attractive, further stimulating purchase activity in the housing market.
You can read this full article at: https://www.housingwire.com/articles/existing-home-sales-december-2024/(subscription required)
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