Existing home sales fell to 4.02 million SAAR in December

from Calculated danger on 01/20/2023 10:11:00 am

From the NAR: Current house gross sales fell 1.5% in December

Current house gross sales had been withdrawn for the eleventh consecutive yr in December, in line with the Nationwide Affiliation of Realtors®. Three of the 4 main US areas posted month-to-month declines, whereas western gross sales had been flat. All areas recorded year-on-year declines.

Complete Current House Gross sales, Accomplished Transactions that embrace single household houses, townhomes, condos and coops – declined 1.5% from November to a seasonally adjusted annual charge of 4.02 million in December. 12 months-on-year, income fell by 34.0% (vs. 6.09 million in December 2021).

The full housing inventory registered on the finish of December was 970,000 models, down 13.4% from November however up 10.2% from a yr earlier (880,000). Unsold stock on the present tempo of promoting stands at 2.9 months provide, down 3.3 months in November however up 1.7 months in December 2021.
Added emphasis

Sale of existing homesClick on on the graphic for a bigger picture.

This chart reveals current house gross sales at a seasonally adjusted annual charge (SAAR) since 1993.

December gross sales (4.02 million SAAR) declined 1.5% mother and had been 34.0% beneath the December 2021 gross sales charge.

Gross sales had been simply above the pandemic low of 4.01 million SAAR.

The second chart reveals the nationwide inventory of current houses.

Existing house inventory

Inventories fell to 0.97 million in December from 1.12 million in November, in line with NAR.

Complete shares are usually not seasonally adjusted and shares sometimes fall to seasonal troughs in December and January and peak in mid to late summer time.

The final chart reveals the year-on-year change (YoY) in reported current housing inventory and supply months. Since stock is not seasonally adjusted, it is actually useful to have a look at the year-on-year change. Notes: Supply months are primarily based on seasonally adjusted gross sales and never seasonally adjusted stock ranges.

annual inventory Stock elevated by 10.2% yoy in December in comparison with December 2021 (blue).

The availability months (pink) decreased from 3.3 months in November to 2.9 months in December.

This was above the consensus forecast. I’ll have extra later.