- Existing-home sales faded for the eleventh straight month to a seasonally adjusted annual rate of 4.02 million. Sales waned 1.5% from November and 34.0% from one year ago.
- The median existing-home sales price climbed 2.3% from the previous year to $366,900.
- Existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021, as last year’s rapidly escalating interest rate environment weighed on the residential real estate market.
“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.”
Properties typically remained on the market for 26 days in December, up from 24 days in November and 19 days in December 2021. Fifty-seven percent of homes sold in December 2022 were on the market for less than a month
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