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National quick move-ins up compared to last year
NEWPORT BEACH, Calif., Jan. 22, 2025 /PRNewswire/ — The New Home Market Update for December 2024 shows sales slowed in December, with total contracts down 1% month-over-month and many markets getting downgraded in the Zonda Market Rankings.
- There were 694,580 new homes sold in December.
- While new homes sales were in decline from the previous month, they increased by 1.8% from a year ago.
- On a non-seasonally adjusted basis, 51,886 homes were sold, 2.8% higher than last year and 7.4% above the same month in 2019.
Zonda ZMR January 2025
New home prices slipped as well, down year-over-year for entry-level and move-up homes due to select price drops and product changes. Consumers are still showing a preference for new homes, but in many cases, sales are taking longer to close and cost more money.
“The housing market has been hit with a one-two punch of more competition and higher interest rates,” said Ali Wolf, chief economist at Zonda. “Serious buyers are still showing up, but the mortgage rate volatility and uncertainty of 2024 has followed us into 2025.”
There was enthusiasm about the upcoming spring season as lower interest rates were poised to drive housing demand. Instead, mortgage rates are notably higher than before the Fed started cutting rates in September. This rise was influenced by a stronger-than-expected economy, rising debt and deficit levels, and anticipated policy changes from the Trump administration.
4.7% growth in community count year-over-year
There are currently 15,318 actively selling communities tracked by Zonda, up 4.7% from last year. On a month-over-month basis, the national figure grew 0.5%. Total community count is 19.8% below the same month in 2019. Zonda defines a community as anywhere where five or more units are for sale.
National quick move-ins (QMIs can likely be occupied within 90 days) totaled 32,700, up 11.4% compared to last year but 2.3% lower month-over-month. Total QMIs are 51.1% above 2019.
- On a metro basis, 68% of Zonda’s select markets increased QMI count year-over-year.
- The markets that grew the most year-over-year were Seattle (+68.3%), Charlotte (+54.4%), and Baltimore (+36.6%).
- Jacksonville, Las Vegas, and Cincinnati have seen the most growth in QMIs compared to the same time in 2019, up 226.4%, 202.6%, and 182.2%, respectively.
See the full report including data and analysis. Also, visit Zonda Media’s Builder for more insights or join us at an upcoming event (next: California Dealmakers Jan. 24, Build-to-Rent Feb. 3-4).
Visit ZondaHome.com or follow us on LinkedIn and Facebook for more information.
About Zonda
Zonda provides data-driven housing market solutions to the homebuilding industry. From builders to building product manufacturers, mortgage clients, and multifamily executives, we work hand-in-hand with our customers to streamline access to housing data to empower smarter decisions. As a leading brand in residential construction, our mission is to advance the home building industry, because we believe better homes mean better lives and stronger communities. Together, we are building the future of housing.
SOURCE Zonda
