BuildersOutlook2025Issue1 Volume 2025 Issue 1 | Page 9

PUBLISHED BY THE EL PASO ASSOCIATION OF BUILDERS : NATIONAL , STATE AND LOCAL HOME BUILDING INDUSTRY NEWS
Despite higher mortgage rates and elevated home prices , existing home sales jumped to a 10-month high in December , marking three monthly gains in annual growth , according to the National Association of Realtors ( NAR ). However , existing home sales end 2024 at 4.06 million , the lowest level since 1995 as the median price reached a record high of $ 407,500 in 2024 . While inventory improves and the Fed continues lowering rates , the market faces headwinds as mortgage rates are expected to stay above 6 % for longer due to an anticipated slower easing pace in 2025 . The prolonged rates may continue to discourage homeowners from trading existing mortgages for new ones with higher rates , keeping supply tight and prices elevated . As such , sales are likely to remain limited in the coming months due to elevated mortgage rates and home prices .
Total existing home sales , including single-family homes , townhomes , condominiums , and co-ops , rose 2.2 % to a seasonally adjusted annual rate of 4.24 million in December , the highest level since February 2024 . On a year-over-year basis , sales were 9.3 % higher than a year ago , the largest annual gain since June 2021 . However , total sales in 2024 fell to 4.06 million , breaking below 2023 ’ s record low of 4.10 million and marking the lowest annual level since 1995 . The Pending Home Sales Index ( PHSI ) is a forward-looking indicator based on signed contracts . The PHSI rose from 77.3 to 79.0 in November due to improved inventory . This marks the highest level since February 2023 . On a year-over-year basis , pending sales were 6.9 % higher than a year ago per National Association of Realtors data .
2025Issue1 BuildersOutlook 9

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UPCOMING EVENTS

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FEBRUARY 11 RALLY DAY AUSTIN , TEXAS
FEBRUARY 12-13 TAB MEETINGS AUSTIN , TEXAS
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FEBRUARY 25-27 INTERNATIONAL BUILDERS SHOW LAS VEGAS , NV

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VOL 2025 ISSUE 1
BUILDERSOUTLOOK
Existing home sales at nearly 30-year low despite December gains
■ EXECUTIVE OFFICERS President Victor Robles , President Maravilla Homes Vice President Lydia Mhouli Crown Heritage Homes Secretary Jacob Barde , Lower East Valley , LLC Associates Vice President Angelique Adauto Roman , True Title of El Paso Immediate Past President Jaime Gonzalez Blue Sage Homes Executive Vice President Ray Adauto , EPAB
■ BOARD OF DIRECTORS Anthony Murillo , Millenial Homes Chuck Haskins . Haskins Electric Courtney Yeatman , WestStar John Chaney , Hercules Industries Juanita Garcia , ICON Homes Kathy Carrillo , Nusenda Credit Union Kathy Parry , HUNT Communities Leti Navarette , Explicitly Signature Homes Luis Rosas , HUB International Randall Smith , Randall Smith CPA Sandra Lucero , Builders Source Ted Escobedo , Snappy Publishing Victor Rejino , Maravilla Homes Victoriano Ramos , Dekora Design & Construction
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© 2025 Builders Outlook is published by the El Paso Association of Builders and Snappy Publishing , LLC The El Paso Association of Builders is a 501C ( 6 ) trade organization . 915-778-5387 El Paso Association of Builders Membership Information
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