Pending home sales in the United States increased by 8.3% on a monthly basis in December. The index stood at 77.3, the National Association of Realtors (NAR) shared in its report released on Friday. On an annual level, the figure increased by 1.3%.
NAR also forecasted a growth of 13% in the sales of existing homes in 2024, reaching a total of 4.62 million. This will be followed by an anticipated increase of 15.8% in 2025, bringing the total to 5.35 million. Furthermore, NAR expects the annual median home price to rise by 1.4% in 2024, reaching $395,100, and then increase by 2.6% in 2025, reaching $405,200.
«The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,» NAR Chief Economist Lawrence Yun noted. «Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.»