Existing home sales fell to 4.02 million SAAR in December; Average prices are down 11.3% from their peak in June 2022

from Calculated threat on 01/20/2023 10:46:00 am

Immediately within the Calculated Threat Actual Property E-newsletter: NAR: Current residence gross sales fell to 4.02 million SAAR in December

Summary:

On the costs that NAR studies:

The median worth for current houses throughout all residence varieties was $366,900 in December, up 2.3% from December 2021 ($358,800) as costs rose throughout all areas. This marks 130 consecutive months of annual beneficial properties, the longest streak on report.

Median costs are skewed by the combination (repeat sale indices like Case-Shiller and FHFA are most likely higher worth gauges).

Selling existing homes year after yearYoY change in median worth peaked at 25.2% in Might 2021 and has now slowed to 2.3%. The year-on-year enhance in December was the bottom since Might 2020. Be aware that the median worth normally begins to fall seasonally in July, however the 1.5% fall within the median worth in December was partly seasonal The 11.3% drop within the common worth over the previous six months was a lot bigger than the standard seasonal drop.

It is doubtless that the median worth will fall 12 months over 12 months in just a few months — and Case-Shiller will observe.

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