NAR: Existing-home sales slid 1% in December but are expected to rise 

by John Yellig

Existing-home sales declined modestly in December but are expected to rebound, the National Association of REALTORS® (NAR) said.  

Specifically, existing-home sales slid 1% from November to a seasonally adjusted annual rate of 3.78 million. Year-over-year, sales were down 6.2% from 4.03 million in December 2022. The median existing-home price for all housing types in December was $382,600, up 4.4% from $366,500 in December 2022.      

“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” NAR Chief Economist Lawrence Yun said in a press release. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.” 

The 30-year fixed-rate mortgage averaged 6.60% as of Jan. 18, down from 6.66% a week before but up from 6.15% a year earlier, according to Freddie Mac.       

Housing inventory was 1 million homes, an 11.5% decrease from November but a 4.2% gain from 960,000 a year ago. This level of inventory equals a 3.2-month supply at the current sales pace, down from 3.5 months in November but up from 2.9 months in December 2022. 

Properties typically remained on the market for 29 days in December, up from 25 days in November and 26 days in December 2022. Fifty-six percent of homes sold in December were on the market for less than a month.        

By property type, single-family home sales in December slid 0.3% month over month to an annual rate of 3.4 million. The median existing single-family home price was $387,000, up 4% on a year-over-year basis.                      

Existing condominium and co-op sales slid 7.3% from November to an annual rate of 380,000 in December. The median existing condo price was $343,800, up 8.2% from December 2022.   

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