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AEI Housing Market Indicators, December 2024
AEI
2025.01.08
[Housing Agenda for Trump 2.0.]
The federal government, states, and municipalities could add 18-21 million homes over 10 years, multiples of that needed to solve our housing supply problem (preliminary estimate), with 80% being owner-occupied.
?President Trump should implement Homesteading 2.0. Homesteading 2.0, by focusing on high-demand areas, can maximize the effectiveness of BLM land sales and help ease high levels of housing unaffordability in the western third of the nation.
The nation faces a housing crisis of availability and affordability, in large part due to a severe shortage of housing.
This crisis qualifies as a national emergency, and all federal departments and agencies should act accordingly.

[Year-over-Year (YoY) HPA in November 2024, Given Rate Headwinds, Remains Robust at 4.8%.]
November 2024’s preliminary YoY HPA was 4.8%, up 0.1 ppt. from a month ago, but down from 5.4% a year ago.
YoY HPA has remained robust, especially for low-price tier homes, but has tapered down slightly due to relatively high rates.
Despite weakening by 0.2 months from November 2023, the strong seller’s market continued in November 2024, as months’ remaining supply was 4.0 months (not seasonally-adjusted). Housing inventory remains near pre-pandemic levels (the average for November 2017, 2018, and 2019 was 3.7 months).
Compared to October 2024, months’ remaining supply dropped in November 2024 for the first time since June (albeit by only 0.1 months). Although inventory was up 21% from November 2023, it is still 12% below November 2019, the “last normal” pre-pandemic November reading (left panel).