YoY Existing-Home Sales Plummet 17.8% in December

Existing home sales continues their downward trajectory in December as year over year, existing home sales dropped 17.8%, according to the National Association of Realtors.

In what was the 11th consecutive month of declines, the West was the only region not to see a decline, as it went unchanged.

Sales overall fell 1.5% from November and 34% from one year ago. This was the 16th consecutive month with sales down year-over-year.

The median existing-home sales price climbed 2.3% from the previous year to $366,900.

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

Redfin Reports YoY Median Home Sale Price Up Nearly 1%

The median U.S. home-sale price increased 0.9% from a year earlier to $350,250 during the four weeks ending January 15, the biggest increase in a month, according to a new report from Redfin.

Redfin reported last week that the median U.S. home-sale price increased 0.9% from a year earlier and those who started browsing homes online and scheduling house tours at the end of 2022 are now turning into actual homebuyers.

Helping matters has been the fall in average mortgage rates, which stood at 6.15% during the week ending January 19, their lowest level since September. Mortgage applications were up 25% for the week ending Jan. 13.

Added Yun, “Cash buyers are unaffected by fluctuations in mortgage rates and were able to take advantage of lower prices in some areas.”