WASHINGTON – National existing-home sales fell for the 11th consecutive month in December 2022, according to the National Association of Realtors (NAR).
Total existing-home sales decreased 1.5 percent from November to a seasonally adjusted annual rate of 4.02 million. Sales were down 34 percent from the 6.09 million sales closed in December 2021.
“December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” said NAR Chief Economist Lawrence Yun. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
Last month, around 970,000 homes were available for sale, down 13.4 percent from November but up 10.2 percent from December 2021.
Months of inventory sits at 2.9 months, down from November (3.3 months) but up over the year (1.7 months). The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.
The median existing-home price for all housing types in December was $366,900, up 2.3 percent over the year. This marks 130 consecutive months of year-over-year increases, the longest-running streak on record.
Properties remained on the market for an average 26 days in December, up from 24 days in November and 19 days in December 2021. More than half (57 percent) of homes sold in December 2022 were on the market for less than a month.
First-time buyers were responsible for 31 percent of sales in December. All-cash sales accounted for 28 percent of transactions.
In the South (the region that includes Texas), existing-home sales slipped 2.2 percent in December from November to an annual rate of 1.8 million, a 33.1 percent decrease from the previous year. The median price in the South was $337,900, an annual increase of 3.5 percent.
The Texas Real Estate Research Center has a wealth of economic information online for free.