EXISTING HOME SALES FELL 34% FROM ONE YEAR AGO

Key Points:

  • Existing-home sales fell for the eleventh straight month to a seasonally adjusted annual rate of 4.02 million.
  • Existing-home sales fell 1.5% in December from November and 34.0% from one year ago.
  • Consensus among economists was a 5.4% drop.
  • The median existing-home sales price climbed 2.3% from one year ago to $366,900.
  • Existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021.
  • First-time buyers were responsible for 31% of sales in December, up from 28% in November and 30% in December 2021.
  • NAR’s 2022 Profile of Home Buyers and Sellers – released in November 2022 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.
  • The Right Facts will continue to monitor home sales.
Source