San Francisco

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, marking an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, representing the largest year-over-year increase since June 2021. Economists had forecast existing-home sales to reach an annual rate of 4.07 million units for the month.

New listings increased 54.0% for single-family homes but decreased 3.6% for Condo/TIC/Coop properties. Pending sales increased 27.7% for single-family homes but remained flat for Condo/TIC/Coop properties.

The median sales price rose 5.8% to $1,534,000 for single-family homes and 6.5% to $1,060,000 for Condo/TIC/Coop properties. Months supply of inventory decreased 41.7% for single-family units and 28.6% for Condo/TIC/Coop units.

Total housing inventory stood at 1.33 million units heading into December, reflecting 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. Despite the increase, inventory remains below the 5–6 months’ supply typically seen in a balanced market. The limited number of homes for sale continues to put upward pressure on sales prices nationwide. NAR reported a median existing-home price of $406,100, a 4.7% increase from one year earlier.