"U.S. sales of previously owned homes climbed in December to the fastest pace since 2023, a welcome sign for a housing market that has lacked momentum for several years. Contract closings rose 5.1% to a 4.35 million annualized pace last month, the highest since February 2023, according to figures released Wednesday by the National Association of Realtors. The pace exceeded all forecasts in a Bloomberg survey of economists."
"Odeta Kushi, an economist at First American Financial, sees the nation's affordability crisis easing somewhat as incomes rise faster than home prices and a growing supply of houses expands choices for buyers. Mortgage rates fell to about 6.2% last week, the lowest rate in more than a year, and the NAR's affordability index which tracks the typical family's ability to qualify for a mortgage loan was at its highest point in almost three years as of November."
Contract closings rose 5.1% to a 4.35 million annualized pace in December, the highest since February 2023. The December pace exceeded economists' forecasts and represents the fastest monthly sales since early 2023. Borrowing costs eased and home price growth slowed, fueling purchases across all major U.S. regions. The median sales price increased 0.4% year‑over‑year to $405,400, the weakest annual gain in two years. Supply of homes for sale rose through much of 2025 and reached a five‑year high in July, and inventory was up 3.5% year‑over‑year to 1.18 million in December. Mortgage rates fell to about 6.2% and affordability measures reached their strongest point in nearly three years, supporting a gradual recovery outlook into 2026.
Read at www.mercurynews.com
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