The National Association of Realtors is reporting that existing home sales were down 1% in December to a seasonally-adjusted annual rate of 3.78 million (down 6.2% year over year) – their lowest level since 1995. Total housing inventory at the end of December was 1 million units, down 11.5% from November but up 4.2% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 29 days. The median existing-home price for all housing types in December was $382,600, up 4.4% from one year ago.
“The latest month’s sales look to be the bottom before inevitably turning higher in the new year…Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.” Said NAR Chief Economist Lawrence Yun.