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Existing Home Sales Decline for the Eleventh Straight Month

It was nearly a clean sweep for existing home sales in 2022, down every month except January.
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Existing home sales from the National Association of Realtors via St. Louis Fed

Existing home sales from the National Association of Realtors via St. Louis Fed

The National Association of Realtors (NAR) reports Existing-Home Sales Receded 1.5% in December

Key Highlights

  • Existing-home sales faded for the eleventh straight month to a seasonally adjusted annual rate of 4.02 million. Sales waned 1.5% from November and 34.0% from one year ago.
  • The median existing-home price for all housing types in December was $366,900, an increase of 2.3% from December 2021 ($358,800), as prices rose in all regions. This marks 130 consecutive months of year-over-year increases, the longest-running streak on record.
  • Existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021, as last year’s rapidly escalating interest rate environment weighed on the residential real estate market.
  • Total housing inventory registered at the end of December was 970,000 units, which was down 13.4% from November but up 10.2% from one year ago (880,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.3 months in November but up from 1.7 months in December 2021.
  • First-time buyers were responsible for 31% of sales in December, up from 28% in November and 30% in December 2021. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 20224 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.

Existing Home Sales Supply

Existing-Home Sales Supply 2022-12

Supply fell because sellers could not get the price they wanted and pulled houses from the market.

Existing-Home Sales Month-Over-Month

Existing-Home Sales Percent 2022-12

Track Record

  • It's been a perfect record since January, the last time to buy before mortgage rates soared.
  • After mild declines in August and September transactions resumed their crash in October and November.
  • Sales are down 34 percent from a year ago and 38 percent since January. 
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This post originated at MishTalk.Com.

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