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

FEBRUARY 11 RALLY DAY AUSTIN , TEXAS

FEBRUARY 12-13 TAB MEETINGS AUSTIN , TEXAS

FEBRUARY 19 BOARD MEETING 11:30 EPAB OFFICE

FEBRUARY 25-27 INTERNATIONAL BUILDERS SHOW LAS VEGAS , NV

Sunwood Homes Contact : Hilda Guevara 10131 Springwood Dr . El Paso , TX 79925 915-549-0077

Good Day Investments Contact : Jaime Buendia 12422 Mind That Bird Dr . El Paso , TX 79928 915-727-9114

Indigo Homes , LLC Contact : Luis Javier Lopez 214 Gonzales St . El Paso , TX 79907 915-494-1988 El Paso Artificial Grass

Supply Contact : Matthew Lee 11220 Rojas Dr ., Suite A2 El Paso , TX 79935 915-201-4217

B & G Mechanical Contact : Carlos Granados 7144 Dale Rd . El Paso , TX 79915 915-852-1027

Garage Force Contact : Alejandro Procter 10088 Alcan St . El Paso , TX 79924 915-990-3665

Our deepest condolences for their recent losses to : Angelique Roman and Family Doug Schwartz and family

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