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 the end of 2024, driven by improving wage growth and increased inventory, despite ongoing affordability challenges. Home sales have also rebounded, showing a 10.8% increase compared to the previous year. The Northeast and California are experiencing the hottest markets, with Connecticut leading in activity. In contrast, many Southern and Mountain West markets have cooled significantly.
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