Existing home sales declined for the eleventh consecutive month in December, falling 1.5% to a seasonally adjusted annual rate of 4.02 million, according to the National Association of Realtors. The rate was down 34.0% compared with December 2021.
“December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
The median price for existing home sales increased 2.3% year-over-year to $366,900. “Home prices nationwide are still positive, though mildly,” Yun added. “Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year.”
Regionally, existing home sales declined 1.9% in the Northeast, 1.0% in the Midwest, 2.2% in the South and were unchanged in the West. Every region saw double-digit declines in existing home sales compared with December 2021.
The full NAR report can be found here.