The housing market saw an increase in supply at the end of 2024, with active listings up 12.1% from the previous year, reaching the highest level since 2020.

However, more than half of these listings (54.5%) had been on the market for over 60 days, the highest share since 2019.

Homes that were priced well and in good condition sold quickly, while overpriced homes sat unsold for months.

Despite high mortgage rates above 7% and rising home prices, pending home sales rose in November.

Buyers have adjusted to higher rates but face challenges with prices and moving costs, leading many to delay purchases, CNBC has reported.

The market remains difficult for first-time buyers and those looking to upgrade.

Written by B.C. Begley