RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Existing-Home Sales Mark 15-Year Milestone, Despite Decline in December

Home Agents
By RISMedia Staff
January 20, 2022
Reading Time: 2 mins read
Existing-Home Sales Mark 15-Year Milestone, Despite Decline in December

After seeing several months of gains, existing-home sales retracted in December by 7.1% to a seasonally adjusted annual rate of 6.18 million, with each of the four major U.S. regions seeing both a month-over-month and year-over-year decreases, according to the latest data from the National Association of REALTORS® (NAR).

Despite the drop, overall sales for 2021 increased 8.5%, marking the highest annual level since 2006.

Single-family home sales dipped to a seasonally adjusted annual rate of 5.52 million in December, down 4.3% from 5.77 million in November and down 6.8% YoY.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 660,000 units in December, down 7.0% from 710,000 in November and down 9.6% annually.

Regional breakdown:

Midwest
Existing-Home Sales: 1.5 million (-2.6% YoY)

Median Price: $256,900 (+10.0% YoY)

 

Northeast

Existing-Home Sales: 750,000 (-15.7% YoY)

Median Price: $384,600 (+6.3% YoY)

 

South

Existing-Home Sales: 2.7million (-5.3% YoY)

Median Price: $323,000 (+20.2% YoY)

 

West

Existing-Home Sales: 1.23 million (-10.2% YoY)

Median Price: $507,100 (+8.4% YoY)

 

The takeaway:

“We wrapped up the year witnessing home sales exceed the previous year’s total and saw millions of families secure housing. I think the positive momentum will continue as the market prepares to finally see more supply in the coming months, meaning more buyers will be able to land their dream home.” — Leslie Rouda Smith, NAR President

“December saw sales retreat, but the pullback was more a sign of supply constraints than an indication of a weakened demand for housing. Sales for the entire year finished strong, reaching the highest annual level since 2006.”

“There was a significant surge in first-time buyers at the end of the year. With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases. This year, consumers should prepare to endure some increases in mortgage rates. I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market.” — Lawrence Yun, NAR Chief Economist

“Although they lagged behind year-ago levels, dropping either 7.1% or 8.3% to a pace of 6.18 or 6.10 million, existing home sales hit a 4th straight month at above 6 million pace in December, closing out 2021 on a relatively high note. Rising concerns about inflation gave home shoppers a big reason to stay in the market in December: The potential opportunity to close on a home before prices and mortgage rates tick up further.

“With housing inventory dwindling and prices rising, finding the right home that’s still in the budget continues to be the hardest part of the real estate journey—and means the supply of for-sale homes remains a key driver of sales activity. Limited supply is an ongoing challenge.

“Looking ahead, the path for existing home sales will be shaped by opposing market forces at work. On the one hand, we expect inventories to begin to increase in 2022 from extraordinarily low levels, as more homeowners are expected to move and builders pick up the pace. This should create more options for potential buyers. On the other hand, home prices are forecasted to continue rising, and alongside higher mortgage rates, create an affordability damper on demand. On the whole, we expect buyers to be able to successfully navigate these challenges and, as a result, home sales to rise again in 2022.” —Danielle Hale, Realtor.com Chief Economist

Tags: December 2021Existing-Home SalesNARNational Association of REALTORS®
ShareTweetShare

RISMedia Staff

Related Posts

Becoming the Broker of Choice
Agents

Becoming the Broker of Choice

May 26, 2022
3 Key Factors for Identifying the Right Brokerage
Agents

3 Key Factors for Identifying the Right Brokerage

May 26, 2022
Window to the Law: How a .realtor Web Address Can Set You Apart
Agents

Window to the Law: How a .realtor Web Address Can Set You Apart

May 26, 2022
HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate
Agents

HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate

May 26, 2022
Reformers See Opening to Address Racist Appraisals
Agents

Reformers See Opening to Address Racist Appraisals

May 25, 2022
Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500
Agents

Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500

May 25, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Why You Need a Real Estate CRM

Discover how a real estate client relationship management tool can get you organized and maximize your lead generation, so you... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Becoming the Broker of Choice
  • 3 Key Factors for Identifying the Right Brokerage
  • Window to the Law: How a .realtor Web Address Can Set You Apart

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.