Housing Market Shows Signs of Recovery as Sales Post First Annual Gain

November 25, 2024



In this week's edition of Above the Line, your essential briefing for the week ahead in real estate and tax, we examine the first annual gain in existing home sales in three years, analyze the DOJ's challenge to NAR's commission settlement, and look at Zillow's optimistic forecast for 2025. These insights offer critical context for navigating the evolving real estate landscape.

Let's dive into these key developments shaping our industry. 

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Housing Market Posts First Annual Sales Gain in Three Years
World Property Journal
In a significant market shift, October existing-home sales rose 3.4% monthly and 2.9% annually, marking the first year-over-year increase since 2021. Total inventory climbed 19.1% while median prices reached $407,200, suggesting a market moving toward balance.

DOJ Challenges NAR Settlement Hours Before Approval Hearing
HousingWire
The Department of Justice filed a last-minute challenge to NAR's settlement, specifically opposing the requirement for buyer broker agreements. The intervention adds uncertainty to Tuesday's hearing and raises questions about future industry compensation structures.

Zillow Forecasts More Active Housing Market in 2025
Zillow Research
Zillow predicts home sales will increase to 4.3 million in 2025, up from 4.0 million in 2024, with home values growing 2.6%. The forecast suggests buyers will gain leverage in negotiations as inventory improves, though mortgage rates will remain volatile.

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