The U.S. housing market is entering 2025 with renewed momentum after a subdued 2023. Home prices have risen 6.3% year-over-year by late 2024, driven by improving wage growth and increased inventory, despite ongoing affordability challenges. Home sales have also rebounded, showing a 10.8% increase in December 2024 compared to the previous year. The Northeast and California are experiencing the hottest markets, while Southern and Mountain West regions have cooled. High demand and limited supply continue to elevate prices in key areas.
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