National Home Sales Slide Per December Numbers

Existing-home sales faded for the 11th straight month across the U.S. in December, down 1.5 percent from November and 34 percent from one year ago.

The National Association of Realtors also reports that existing-home sales totaled 5.03 million in 2022, down 17.8 percent from 2021.

“December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” said NAR Chief Economist Lawrence Yun. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

Total housing inventory registered at the end of December was 970,000 units, which was down 13.4 percent from November but up 10.2 percent from one year ago. 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.

The median existing-home price for all housing types in December was $366,900, an increase of 2.3 percent from December 2021.

On the regional level, existing-home sales in the West were unchanged from November but down 43.4 percent from one year ago. The median price in the West was $557,900, an increase of $200.

The Northeast slid 1.9 percent from November, down 28.8 percent from December 2021. The median price in the Northeast was $391,400, an increase of 1.6 percent from the prior year.

Existing-home sales in the Midwest fell 1 percent from the previous month, but were down 30.3 percent from one year ago. The median price in the Midwest was $262,000, up 2.9 percent from December 2021.

In the South, existing-home sales slipped 2.2 percent in December from November to an annual rate of 1.80 million, a 33.1 percent decrease from the previous year. The median price in the South was $337,900, an increase of 3.5 percent from this time last year.