New Home Sales

2024 Yearbook / 2025 Forecast
by Aaron Schmok, LASN

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The U.S. new house market in Q3 2024 showed resilience, with home prices increasing in 87% of metro areas despite elevated mortgage rates ranging from 6.08% to 6.95%, according to the National Association of Realtors (NAR). The national median single-family home price rose 3.1% year-over-year to $418,700, with the South accounting for 45.1% of sales and the West contributing a modest 1.8% increase. However, 13% of markets recorded price declines, up from 10% in the prior quarter. NAR also evaluated the top 10 markets with the largest price gains, in which California dominated the list as they accounted for eight of the top 10, including San Jose, who lead with a median price of $1.9 million, and Anaheim at $1.3 million. As affordability improves and inventory rises, NAR projects stabilizing mortgage rates and increased options for buyers. tinyurl.com/West-New-Sales-24

As seen in LASN magazine, December 2024.