The National Association of Realtors is reporting that existing home sales were down 1,5% in December to a seasonally-adjusted annual rate of 4.02 million (down 34% year over year). Total housing inventory at the end of December was 970k units, down 13.4% from November but was up 10.2% from one year ago. Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 26 days. The median existing-home price for all housing types in December was $366,900, up 2.3% from one year ago. The NAR said that December marks 130 consecutive months of year-over-year increases – once again, the longest-running streak on record.
“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.” Said the NAR’s Chief Economist, Lawrence Yun.