Existing-home sales fell 1.0% in December to a seasonally adjusted annual rate of 3.78 million, according to the National Association of Realtors (NAR). Sales dropped 6.2% from the previous year, 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 the upcoming months.”
Total housing inventory was down 11.5% from November to 1 million units 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 price 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.
Distressed sales – foreclosures and short sales – represented 2% of sales in December, virtually unchanged from last month and the previous year.
Read the NAR release.
