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Posted by: thepinetree on 01/19/2024 08:32 AM
Updated by: thepinetree on 01/19/2024 08:32 AM
Expires: 01/01/2029 12:00 AM
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Existing-Home Sales Slid 1.0% in December. Lowest Level Since 1995
Washington, DC...Existing-home sales retreated in December, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slipped in the Midwest and South, rose in the West and were unchanged in the Northeast. All four regions experienced year-over-year sales decreases. On an annual basis, existing-home sales (4.09 million) dropped to the lowest level since 1995, while the median price reached a record high of $389,800 in 2023.
Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased 1.0% from November to a seasonally adjusted annual rate of 3.78 million in December. Year-over-year, sales declined 6.2% (down from 4.03 million in December 2022).
"The latest month's sales look to be the bottom before inevitably turning higher in the new year," said NAR Chief Economist Lawrence Yun. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."
Total housing inventory2 registered at the end of December was 1 million units, down 11.5% from November but up 4.2% from one year ago (960,000). Unsold inventory sits 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 price3 for all housing types in December was $382,600, an increase of 4.4% from December 2022 ($366,500). All four U.S. regions posted price increases.
"Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun added. "Obviously, the recent, rapid three-year rise in home prices is unsustainable. If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today's renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction."
REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index, 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.
First-time buyers were responsible for 29% of sales in December, down from 31% in November 2023 and December 2022. NAR's 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 29% of transactions in December, up from 27% in November 2023 and 28% in December 2022.
Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in December, down from 18% in November and identical to one year ago.
Distressed sales5 – foreclosures and short sales – represented 2% of sales in December, virtually unchanged from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.60% as of January 18. That's down from 6.66% the prior week but up from 6.15% one year ago.
Single-family and Condo/Co-op Sales
Single-family home sales edged lower to a seasonally adjusted annual rate of 3.4 million in December, down 0.3% from 3.41 million in November and 6.1% from the previous year. The median existing single-family home price was $387,000 in December, up 4.0% from December 2022.
Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 380,000 units in December, down 7.3% from November and one year ago (both 410,000 units). The median existing condo price was $343,800 in December, up 8.2% from the previous year ($317,700).
Regional Breakdown
At 470,000 units, existing-home sales in the Northeast were unchanged from November but down 9.6% from December 2022. The median price in the Northeast was $428,100, up 9.4% from the previous year.
In the Midwest, existing-home sales retracted 4.3% from the prior month to an annual rate of 900,000 in December, down 10.9% from last year. The median price in the Midwest was $275,600, up 5.9% from December 2022.
Existing-home sales in the South descended 2.8% from November to an annual rate of 1.72 million in December, a decrease of 4.4% from the prior year. The median price in the South was $352,100, up 3.8% from one year ago.
In the West, existing-home sales grew 7.8% from a month ago to an annual rate of 690,000 in December but were down 1.4% from one year before. The median price in the West was $582,000, up 4.8% from December 2022.
About NAR
The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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No Subject
Posted on: 2024-01-19 09:30:58
By: Anonymous
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Still too expensive for middle income people and not enough of them in the lower price range. The wealthy have had a significant negative impact on the housing possibilities for the lower middle and middle class .
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Re: affordable housing
Posted on: 2024-01-19 10:38:30
By: Anonymous
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Another reason not to vote for Trump.
He doesn't care about the average American.
He doesn't really care about the top 1% either.
We can say that he doesn't care about anyone but himself.
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No Subject
Posted on: 2024-01-19 09:48:48
By: Anonymous
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People that own endless ABnB’shave driven our market up here to make it impossible for Middle Income folks to get into the market
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Re:
Posted on: 2024-01-19 10:11:01
By: Anonymous
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Partially True.
But the lack of development is the long term problem. County could use imminent domain to secure land for affordable housing... but then all the MAGAs come out to complain about socialism and 'poor people' living in the back yard. Can't have it both ways.
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Mortage Rates Down Sales Up
Posted on: 2024-01-19 10:11:57
By: Anonymous
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Since mortgage rates are going down , sales are up in a recent realtors report.
This is good news .
New homes must include solar, battery storage, and all electric appliances.
New homes with solar would also charge vehicles, the savings in total would be great compared to an all fossil fueled hole and vehicles for the home owner and the planet.
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Re: Mortage Rates Down Sales Up
Posted on: 2024-01-19 10:25:37
By: Anonymous
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Thank you to the Biden administration. Trump wants to tank the US economy for his own political gain.
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Re: Mortage Rates Down Sales Up
Posted on: 2024-01-19 10:30:14
By: Anonymous
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It’s all about affordability. That’s why the Biden administration is working to help the middle class. Republicans like the tax cuts for Americas wealthiest individuals. They call it trickle down. It’s more like fu— you hard working American families.
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Re: Mortage Rates Down Sales Up
Posted on: 2024-01-19 11:15:52
By: Anonymous
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Absolutely - democrats are FOR and not against the middle, working class and always have been! Vote accordingly.
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Re: Mortage Rates Down Sales Up
Posted on: 2024-01-19 12:22:29
By: Anonymous
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You can't mandate more features in a new home and expect prices to be affordable. Pretty simple really
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Re: Mortage Rates Down Sales Up
Posted on: 2024-01-21 04:56:46
By: Anonymous
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Lol, how’s the middle class doing now? Liberal stupidity
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No Subject
Posted on: 2024-01-19 11:25:17
By: Anonymous
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I can’t resist: so Democrats are for thMIDDLE Class or is it the middle finger? Joie and the rest of the Libtards have been on a mission, the past three years to destroy the MIDDLE CLASS, gas prices through the roof, groceries and everyday goods through the roof, introducing filth in our tax payer run schools, open borders that have allowed millions, yes millions of uneducated, sometimes criminal people into my country, F up the military so you and I are paying for sex changes, I could go on and on, but you appear to be a Democrat all right, a very ignorant one!
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No Subject
Posted on: 2024-01-19 11:32:40
By: Anonymous
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So we don’t blame greedy investors for the housing problem, we encourage imminent domain, mostly done to families that settled here 100’s of years ago, and now to satisfy your greed, you take their property that they have worked hard to buy and maintain so you, mister realtor or developer can confisticate someone else’s property and you benefit from it! Sounds like Joies long term goal of forgiving student debt so some hard working person can pay for your child that went to UCSB, or some other school, while my kids learned a trade and were taught, you sign on the dotted line, you are responsible for it, PERIOD!
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Re:
Posted on: 2024-01-19 13:50:08
By: Anonymous
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Joe will be gone in a year.
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Re:
Posted on: 2024-01-19 15:24:43
By: Anonymous
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Sorry your children weren't smart enough to go to college.
However, that's not a legitimate reason to feel resentful towards young adults who were intelligent enough to work hard for 12 years then go on to higher education.
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Re: sorry
Posted on: 2024-01-19 19:43:28
By: Anonymous
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People that take out student loans need to pay them back.
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No Subject
Posted on: 2024-01-19 14:07:49
By: Anonymous
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Yesterday would have been a better answer!
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Re:
Posted on: 2024-01-20 08:09:57
By: Anonymous
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My double wide went up in value $150 last year. Thats purdy good.
Anti
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Re:
Posted on: 2024-01-20 08:13:06
By: Anonymous
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Did they bulldozed shanty town on live oak dr.
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Re:
Posted on: 2024-01-20 11:42:33
By: Anonymous
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^ObviousAnti^
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Re:
Posted on: 2024-01-20 12:10:40
By: Anonymous
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I'm proud living in the slums on live oak dr.
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