Saddle Brook, NJ – January 24, 2025 - U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecasted existing home sales would come in at an annual rate of 4.07 million units for the month.
“The latest report reflects a real estate market still hampered by low inventory and high interest rates. The slight increase in home prices reflect a stable market, however the lack of sufficient supply and interest rate relief fails to provide the engine for growth so desperately needed,” states Greater Bergen REALTORS® 2025 Vice President, John Johnson.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8- month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
Highlights From December 2024 Report:
- Single Family Closed Sales increased 23.2 percent to 452.
- Townhouse-Condo Closed Sales increased 25.3 percent to 183.
- Adult Communities Closed Sales increased 80.0 percent to 9.
- Single Family Median Sales Price was up 10.3 percent to $750,000.
- Townhouse-Condo Median Sales Price was up 15.0 percent to $460,000.
- Adult Communities Median Sales Price was up 63.7 percent to $442,084.
Click Here for the full ShowingTime report for the month of December 2024.
Data as of January 21, 2025. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2025 ShowingTime Plus, LLC.
About Greater Bergen Realtors®
Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,500 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.
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