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.
Related Stories
Market Data + Trends
Housing Inventory Is Falling at Its Slowest Pace in Two Years
April for-sale housing inventory fell at a single-digit year-over-year pace for the first time since the start of the pandemic
Housing Markets
Which Local Housing Markets Will See Price Reductions in 2022?
Some overheated housing markets are already seeing prices drop, but most will be bogged down by more gains throughout the majority of 2022
Financials
Nearly Half of All U.S. Homes Were Equity-Rich in the First Quarter of 2022
Equity-rich homeowners are cashing out and leaving pricey markets to buy new homes in low-cost states
