Existing Home Sales Down Month-Over-Month and Year-Over-Year in December

The National Association of Realtors® (NAR) reported on Friday (1-20-23) that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 1.5% monthly decline in December, reaching a seasonally adjusted rate of 4.02 million homes. This is the eleventh consecutive monthly decline. Year-over-year, sales were down 34.0% (6.09 million in December 2021).

At the end of December, total housing inventory registered was 970,000 units, down 13.4% month-over-month but up 10.2% year-over-year. Unsold inventory was at a 2.9-month supply, down from 3.3-months in November but up from the December 2021 rate of 1.7 months.

The median existing home price for all housing types in December was $366,900, a 2.3% increase from December 2021 ($358,800). Prices increased in all regions. This marks 130 consecutive months of year-over-year increases, the longest-running streak on record.

In December, properties typically remained on the market for 26 days, up from 24 days in November, 21 days in October, and 19 days in December 2021. Fifty-seven percent of homes sold in December were on the market for less than a month.