Sales of previously owned homes rose last month, but not enough to prevent 2024 from being the slowest year for home transactions in nearly 30 years. Existing-home sales rose 2.2% on the month in December to a seasonally adjusted annual rate of 4.

U.S. existing home sales increased to a 10-month high in December, but further gains are likely to be limited by elevated mortgage rates and house prices, which are keeping many prospective buyers on the sidelines.

Sales of new U.S. single-family homes increased more than expected in December, further evidence that housing market activity regained some momentum at the end of 2024, though rising mortgage rates remain a constraint.