“While respondents remain discouraged by the pandemic-era run-up in home prices and mortgage rates, the upward trend in homebuying sentiment in 2024 may reflect a slow acclimatization to the generally less-affordable market conditions," the release noted.

Key Takeaways National Association of Realtors data showed that the housing market gained momentum in December. However, annual existing home sales were at their lowest since 1995. The late-year improvement showed positive trends that some economists think could continue into 2025.

January is usually a slow month too, but a surge in Valley million-dollar sales after the election could push up prices and sales this month.