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Existing-Home Sales Dropped in December as Inventory Reached Record Low

Market Data + Trends

Existing-Home Sales Dropped in December as Inventory Reached Record Low

December sales fell on both a month-over-month and a year-over-year basis, though overall sales for 2021 finished strong

January 21, 2022
existing home for sale

After three straight months of gains, existing home sales declined in December, though total sales for 2021 increased 8.5%, according to the CalculatedRisk Newsletter. Total existing home sales fell 4.6% from November and dropped 7.1% year-over-year to a seasonally adjusted annual rate of 6.18 million as inventory fell to an all-time low of 910,000 units in December. Sales are expected to drop year-over-year in January following an unprecedented winter for homebuying in 2021.

Sales in December (6.18 million SAAR) were down 4.6% from last month and were 7.1% below the December 2020 sales rate.

Some of the increase in sales since the beginning of the pandemic was probably related to record low mortgage rates, strong second home buying, a strong stock market and favorable demographics.

This was the fifth consecutive month with sales down year-over-year. Sales will likely be down YoY in January 2022 too since they were exceptionally strong last Winter.

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