02:52 PM EST, 01/24/2025 (MT Newswires) -- Home resales accelerated to a 4.24 million seasonally adjusted annual rate in December from a 4.15 million rate in November, above expectations for a 4.20 million rate and the strongest pace since February 2024.

Sales were up 9.3% from December 2023, but total sales for 2024 slowed to 4.06 million from 4.09 million in 2023.

Three of the four US regions posted month-over-month sales increases in December. There were stronger sales in all four regions compared with a year earlier.

"Home sales in the final months of the year showed solid recovery despite elevated mortgage rates," said NAR Chief Economist Lawrence Yun. "Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership."

Homes were on the market for 35 days on average, up from 32 days in the previous month and 29 days a year ago.

The supply of homes for sale fell to a 1.15 million level from 1.33 million in November but was up 16.2% from a year ago, lifting prices by 6% year-over-year.

The flash manufacturing reading from S&P Global rose to 50.1 in January from 49.4 in December after regional data from the New York and Philadelphia Federal Reserve banks were mixed, indicating a return to growth.

The ISM's national manufacturing reading will be released on Feb. 3.

Released at the same time, the flash services reading from S&P Global fell to 52.8 in January from 56.8 in December, suggesting slower growth. The ISM's services reading is scheduled for release on Feb. 5.

The Kansas City Fed's services index fell to minus 4 in January from a revised reading of 4 in December. Other regional services data already released have indicated a contraction for the sector.

The University of Michigan consumer sentiment index for January was revised lower to 71.1 from the preliminary estimate of 73.2 and is now further below December's reading of 74.0. Michigan said that inflation expectations increased in the month, as indicated by the preliminary estimate, and concerns about unemployment for the next year were the highest since the pandemic.

The St. Louis Fed's GDP nowcast estimate for Q4 is for a 2.38% gain, virtually unchanged from 2.39% in the previous estimate.