Housing Market Slowdown in December 2024

As temperatures plummeted over the festive season, so did the level of activity in the residential real estate market, which experienced its strongest seasonal slowdown in nearly two years. Homes spent 70 days on the market, the slowest December in five years and the slowest month since January 2023. The average home lingered on the market for nine days longer than in December 2023. In November, homes spent an average of , which rose to 6.85% for the week ending Dec.

26, according to Freddie Mac. This has kept potential buyers firmly on the sidelines as they bided their time through the fall and early winter months. That’s despite the median listing price edging down about $15,000 since last year, to $402,502. “We find that high mortgage rates continue to bring a slow market, with December 2024 being the slowest December since 2019 and the slowest month in nearly two years,” says McLaughlin. Like homebuyers, sellers also took a breather last month, with just 0.9% more homes newly listed on the market compared with last year, and down 2% from November.On the plus side, the number of homes under contract but not yet sold continued to rebound in December, increasing by 7.4% compared with last year, but it was still nearly half of November’s 14.7% gain. “It is typical for the housing market to slow down at the end of the year as buyers and sellers focus their attention on end-of-year festivities and push activity to the new year, once the market and the weather are warmer,” says Hannah Jones, senior economic research analyst at Realtor.com. But Jones stresses that the market slowed more than is typical between November and December, in part because of the elevated mortgage rates hovering in the high 6% range since late October. The Realtor.com 2025 housing forecastThe median home price last month decreased by 1.8% year over year, arriving at $402,50

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