Winter Homebuying Freeze Helps Inventory Rebound – NMP Skip to main content

Winter Homebuying Freeze Helps Inventory Rebound

Jan 03, 2025
Winter Homebuying Freeze Helps Inventory Rebound
Associate Editor

New home listings in December 2024 were up nearly 8% compared to last year

Redfin’s latest report found that new home listings increased nearly 8% year over year in the last month of 2024, though pending home sales posted a small decline as mortgage rates remained near 7%.

Homebuying activity slowed in the four weeks ending on December 29, which is typical during the holiday and winter months. Home listings sat on the market for almost a week longer compared to last December, providing a temporary boost to the supply of homes for sale. 

New Home Listings

New listings increased 7.7% from last year during the four weeks ending December 29, while the total number of homes for sale rose 9.7% to 905,822. 

Metros that had the biggest increase in new listings include San Francisco, Calif. (48%), Oakland, Calif. (36.6%), Seattle, Wash. (21.6%), Virginia Beach, Va. (21.6%), and San Jose, Calif. (21.5%).

Conversely, the metro with the largest decline in new listings were San Antonio, Texas (-12.7%), Detroit, Mich. (-9.5%), Austin, Texas (-8.4%), Orlando, Fla. (-6.2%), and Nassau County, NY (-4.6%). 

However, pending home sales fell by 1.1% in December 2024 compared to the same month last year. Metros that had the biggest increase in pending sales include Detroit, Mich. (11.9%), Anaheim, Calif. (10.4%), New Brunswick, NJ (7.5%), San Francisco, Calif. (7.3%), and Los Angeles, Calif. (4.7%).

Homes spent a median of 47 days on the market before being sold, which is six days longer compared to the previous year. Meanwhile the share of homes being taken off the market within two weeks fell from 26% in December 2023 to 23.7% in December 2024.

Currently, there is 4.2 months of supply on the nationwide housing market, which Redfin considers balanced since it's within the 4-to-5 month range. Fewer months of supply would indicate sellers’ market conditions. 

Pricing Conditions

The nationwide median sale price increased 6.4% from last year to $383,750 in December 2024, marking the biggest increase since October 2022. The share of homes that sold above listing price was 22.9%, down from 24% during the same period last year.

Metros with biggest year-over-year increases in median sale price were Milwaukee, Wisc.(17.4%), Cleveland, Ohio (14.3%), Philadelphia, Penn. (13.5%), Chicago, Ill. (11.9%), and Nassau County, NY (11.8%).

Median monthly mortgage payment in December 2024 was $2,515 at a 6.91% mortgage rate, marking an 8.1% increase from the previous year. 

About the author
Associate Editor
Katie Jensen is a mortgage news reporter at NMP.
Published
Jan 03, 2025
New-Home Mortgage Demand Slips Despite Widespread Builder Incentives

Applications fell 5.7% annually in July, while government-backed mortgages accounted for half of builder-affiliated loan volume

Aug 21, 2026
Fannie Mae Returns To Distressed-Loan Market With $214 Million Sale

The agency’s first nonperforming-loan offering in 13 months transfers 969 deeply delinquent mortgages to private buyers, including a small pool concentrated in Dallas-Fort Worth

Aug 20, 2026
Summer Rate Spike Knocks Pending Home Sales To Six-Month Low

Contract signings fell in every region during July, leaving purchase activity 30% below its 2019 level despite a larger workforce

Aug 19, 2026
Cash Sales Retreat, Giving Financed Buyers More Room To Compete

Cash transactions fell faster than the broader housing market in early 2026, but buyers without financing still accounted for nearly one-third of home sales

Aug 19, 2026
Mortgage Delinquencies Ease, But FHA Distress Keeps Deepening

Overall delinquencies dipped in the second quarter, but FHA serious delinquencies jumped 227 basis points from a year earlier as more troubled loans moved toward foreclosure

Aug 18, 2026
Credit-Score Choice Is Becoming Part Of The Mortgage Sales Pitch

One-third of consumers say they would consider switching lenders over older scoring models, making underwriting technology a potential borrower-retention issue

Aug 18, 2026