US Existing-Home Sales Decline in December

On Friday (1-19-24), the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 1.0% month-over-month decrease in December to a seasonally adjusted rate of 3.78 million homes. Year-over-year, sales were down 6.2% (from 4.03 million in December 2022).

Among the four major regions, sales in December declined in the Midwest and South but increased in the Northeast and West. All four regions reported year-over-year declines.

At the end of December, total housing inventory registered was 1.0 million units, down 11.5% from November but up 4.2% from one year earlier (960,000 in December 2022). At the end of December, unsold inventory was at 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.

The median existing home price for all housing types in December was $382,600, an increase of 4.4% from December 2022 ($366,500). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 29 days in December, up from 25 days November and 26 days in December 2022. Fifty-six percent of homes sold were on the market for less than a month.