The National Association of Realtors is reporting that existing home sales were down 4.6% in December to a seasonally-adjusted annual rate of 6.18 million (down 2% from one year ago). However, the NAR points out that In 2021 existing-home sales totaled around 6.12 million, which is an increase of 8.5% from 2020 and the highest annual level since 2006. Total housing inventory at the end of December was 910k units, down 14.2% from one year ago. Unsold inventory sits at a 1.8-month supply at the current sales pace with properties remaining on the market for around 19 days. The median existing-home price for all housing types in December was $358k, up 15.8% from December 2020.
“December saw sales retreat, but the pull back 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.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.