Existing home sales rose a sharp 5.1% month-on-month (m/m) to 4.35 million units (annualized) in December – coming in well above the market consensus forecast for a 2.2% gain. Activity for the year averaged near 4.1 million – broadly unchanged from the weak experience of the two years prior. However, December’s sales level was the highest since early 2023. Sales activity jumped up sharply in both the single-family segment (+5.1% m/m) and in the smaller condo/co-op segment (+5.3%). At the regional level, gains were led by the South (+6.9) and the West (+6.6), followed by more moderate gains of 2% apiece in the Northeast and the Midwest.

 

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