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exists to help you succeed.
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use the logo and terms.
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* Research & Statistics
Market Behavior
Including home buying and selling, commercial, international, NAR member
information, and technology. Use the data to improve your business through
knowledge of the latest trends and statistics.
* Highlights & News
Get the latest top line research, news, and popular reports.
Close
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National, regional, and metro-market level housing statistics where data
is available.
Close
* Research Reports
Research on a wide range of topics of interest to real estate
practitioners.
Close
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Access recent presentations from NAR economists and researchers.
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* State & Metro Area Data
Affordability, economic, and buyer & seller profile data for areas in
which you live and work.
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trends.
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Close
* Advocacy
Representing Your Industry
NAR is widely considered one of the most effective advocacy organizations in
the country.
* Advocacy Issues & News
* Federal Advocacy
From its building located steps away from the U.S. Capitol, NAR advocates
for you.
Close
* REALTORS® Political Action Committee (RPAC)
Promoting the election of pro-REALTOR® candidates across the United
States.
Close
* State & Local Advocacy
Resources to foster and harness the grassroots strength of the REALTOR®
Party.
Close
* REALTOR® Party(link is external)
A powerful alliance working to protect and promote homeownership and
property investment.
Close
* Get Involved
Now more than ever, it is critical for REALTORS® across America to come
together and speak with one voice.
Close
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* Education
Advancing Your Career
NAR and its affiliated Institutes, Societies, and Councils offer a wide
selection of real estate training options.
* All Education & Professional Development
* All NAR & Affiliate Courses
Continuing education and specialty knowledge can help boost your salary
and client base.
Close
* Code of Ethics Training
Fulfill your COE training requirement with free courses for new and
existing members.
Close
* Continuing Education (CE)
Meet the continuing education (CE) requirement in state(s) where you hold
a license.
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* Designations & Certifications
Acknowledging experience and expertise in various real estate specialties,
awarded by NAR and its affiliates.
Close
* Library & Archives
Offering research services and thousands of print and digital resources.
Close
* Commitment to Excellence (C2EX)
Empowers REALTORS® to evaluate, enhance and showcase their highest levels
of professionalism.
Close
* NAR Academy at Columbia College
Academic opportunities for certificates, associates, bachelor’s, and
master’s degrees.
Close
Close
* News & Events
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Stay current on industry issues with daily news from NAR. Network with other
professionals, attend a seminar, and keep up with industry trends through
events hosted by NAR.
* Latest News
* NAR Newsroom
Official news releases from NAR.
Close
* REALTOR® Magazine
Advancing best practices, bringing insight to trends, and providing timely
decision-making tools.
Close
* Blogs
Commentary from NAR experts on technology, staging, placemaking, and real
estate trends.
Close
* Newsletters
Stay informed on the most important real estate business news and business
specialty updates.
Close
* NAR NXT, The REALTOR® Experience
* REALTORS® Legislative Meetings
* AE Institute
* Real Estate Forecast Summit
* C5 Summit
* Leadership Week
* iOi Summit
* All Events
Close
* About NAR
Who We Are
America's largest trade association, representing 1.5 million+ members,
including NAR's institutes, societies, and councils, involved in all aspects
of the residential and commercial real estate industries.
* Mission, Vision, and Diversity & Inclusion
* Code of Ethics
* Leadership & Staff
National, state & local leadership, staff directories, leadership
opportunities, and more.
Close
* Committee & Liaisons
* History
Founded as the National Association of Real Estate Exchanges in 1908.
Close
* Affiliated Organizations
* Strategic Plan
NAR’s operating values, long-term goals, and DEI strategic plan.
Close
* Policies
* Governing Documents
Code of Ethics, NAR's Constitution & Bylaws, and model bylaws for state &
local associations.
Close
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Foundation.
Close
* NAR's Consumer Outreach
Close
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View All
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* Find a Member
* Browse All Directories
* Find an Office
* Find an Association
* NAR Group and Team Directory
* Committees and Directors(link is external)
Close
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* Association Executive
* New Member
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* Appraiser
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Close
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Close
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EXISTING-HOME SALES RECEDED 1.5% IN DECEMBER
January 20, 2023
Media Contact:
Troy Green 202-383-1042
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* AddThisShare
KEY HIGHLIGHTS
* Existing-home sales faded for the eleventh straight month to a seasonally
adjusted annual rate of 4.02 million. Sales waned 1.5% from November and
34.0% from one year ago.
* The median existing-home sales price climbed 2.3% from the previous year to
$366,900.
* Existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021, as
last year’s rapidly escalating interest rate environment weighed on the
residential real estate market.
See and share this infographic.
WASHINGTON (January 20, 2023) – Existing-home sales retreated for the eleventh
consecutive month in December, according to the National Association of
Realtors®. Three of the four major U.S. regions recorded month-over-month drops,
while sales in the West were unchanged. All regions experienced year-over-year
declines.
Total existing-home sales,1 https://www.nar.realtor/existing-home-sales –
completed transactions that include single-family homes, townhomes, condominiums
and co-ops – decreased 1.5% from November to a seasonally adjusted annual rate
of 4.02 million in December. Year-over-year, sales sagged 34.0% (down from 6.09
million in December 2021).
“December was another difficult month for buyers, who continue to face limited
inventory and high mortgage rates,” said NAR Chief Economist Lawrence Yun.
“However, expect sales to pick up again soon since mortgage rates have markedly
declined after peaking late last year.”
Total housing inventory2 registered at the end of December was 970,000 units,
which was down 13.4% from November but up 10.2% from one year ago (880,000).
Unsold inventory sits at a 2.9-month supply at the current sales pace, down from
3.3 months in November but up from 1.7 months in December 2021.
The median existing-home price3 for all housing types in December was $366,900,
an increase of 2.3% from December 2021 ($358,800), as prices rose in all
regions. This marks 130 consecutive months of year-over-year increases, the
longest-running streak on record.
“Home prices nationwide are still positive, though mildly,” Yun added. “Markets
in roughly half of the country are likely to offer potential buyers discounted
prices compared to last year.”
Properties typically remained on the market for 26 days in December, up from 24
days in November and 19 days in December 2021. Fifty-seven percent of homes sold
in December 2022 were on the market for less than a month.
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 20224 – found that the annual share of first-time buyers
was 26%, the lowest since NAR began tracking the data.
All-cash sales accounted for 28% of transactions in December, up from 26% in
November and 23% in December 2021.
“Cash buyers are unaffected by fluctuations in mortgage rates and were able to
take advantage of lower prices in some areas,” Yun said.
Individual investors or second-home buyers, who make up many cash sales,
purchased 16% of homes in December, up from 14% in November but down from 17% in
December 2021.
Distressed sales5 – foreclosures and short sales – represented 1% of sales in
December, virtually unchanged from last month and one year ago.
According to Freddie Mac, the 30-year fixed-rate mortgage(link is external)
averaged 6.15% as of January 19. That’s down from 6.33% last week, but up from
3.56% one year ago.
SINGLE-FAMILY AND CONDO/CO-OP SALES
Single-family home sales declined to a seasonally adjusted annual rate of 3.60
million in December, down 1.1% from 3.64 million in November and 33.5% from the
previous year. The median existing single-family home price was $372,700 in
December, up 2.0% from December 2021.
Existing condominium and co-op sales were recorded at a seasonally adjusted
annual rate of 420,000 units in December, down 4.5% from November and 38.2% from
one year ago. The median existing condo price was $317,200 in December, an
annual increase of 3.3%.
“Realtors® helped millions of Americans achieve the dream of homeownership in
the midst of a housing market that experienced some tough headwinds last year,”
said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and
broker-owner of Equity Real Estate Utah. “In 2023, we’ll continue to work with
legislators and real estate leaders at all levels to address inventory shortages
and increase access to homeownership.”
REGIONAL BREAKDOWN
Existing-home sales in the Northeast slid 1.9% from November to an annual rate
of 520,000 in December, down 28.8% from December 2021. The median price in the
Northeast was $391,400, an increase of 1.6% from the prior year.
Existing-home sales in the Midwest fell 1.0% from the previous month to an
annual rate of 1.01 million in December, falling 30.3% from one year ago. The
median price in the Midwest was $262,000, up 2.9% from December 2021.
In the South, existing-home sales slipped 2.2% in December from November to an
annual rate of 1.80 million, a 33.1% decrease from the previous year. The median
price in the South was $337,900, an increase of 3.5% from this time last year.
At an annual rate of 690,000, existing-home sales in the West were unchanged
from November but down 43.4% from one year ago. The median price in the West was
$557,900, an increase of $200, or less than a tenth of a percent from December
2021.
The National Association of Realtors® is America’s largest trade association,
representing more than 1.5 million members involved in all aspects of the
residential and commercial real estate industries. The term Realtor® is a
registered collective membership mark that identifies a real estate professional
who is a member of the National Association of Realtors® and subscribes to its
strict Code of Ethics.
# # #
For local information, please contact the local association of Realtors® for
data from local multiple listing services (MLS). Local MLS data is the most
accurate source of sales and price information in specific areas, although there
may be differences in reporting methodology.
NOTE: NAR’s Pending Home Sales Index for December 2022 is scheduled for release
on January 27, and Existing-Home Sales for January will be released on February
21. Release times are 10 a.m. Eastern.
--------------------------------------------------------------------------------
1 Existing-home sales, which include single-family, townhomes, condominiums and
co-ops, are based on transaction closings from Multiple Listing Services.
Changes in sales trends outside of MLSs are not captured in the monthly series.
NAR benchmarks home sales periodically using other sources to assess overall
home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s
series on new single-family home sales, which are based on contracts or the
acceptance of a deposit. Because of these differences, it is not uncommon for
each series to move in different directions in the same month. In addition,
existing-home sales, which account for more than 90% of total home sales, are
based on a much larger data sample – about 40% of multiple listing service data
each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of
actual sales for a year would be if the relative pace for that month were
maintained for 12 consecutive months. Seasonally adjusted annual rates are used
in reporting monthly data to factor out seasonal variations in resale activity.
For example, home sales volume is normally higher in the summer than in the
winter, primarily because of differences in the weather and family buying
patterns. However, seasonal factors cannot compensate for abnormal weather
patterns.
Single-family data collection began monthly in 1968, while condo data collection
began quarterly in 1981; the series were combined in 1999 when monthly
collection of condo data began. Prior to this period, single-family homes
accounted for more than nine out of 10 purchases. Historic comparisons for total
home sales prior to 1999 are based on monthly single-family sales, combined with
the corresponding quarterly sales rate for condos.
2 Total inventory and month’s supply data are available back through 1999, while
single-family inventory and month’s supply are available back to 1982 (prior to
1999, single-family sales accounted for more than 90% of transactions and condos
were measured only on a quarterly basis).
3 The median price is where half sold for more and half sold for less; medians
are more typical of market conditions than average prices, which are skewed
higher by a relatively small share of upper-end transactions. The only valid
comparisons for median prices are with the same period a year earlier due to
seasonality in buying patterns. Month-to-month comparisons do not compensate for
seasonal changes, especially for the timing of family buying patterns. Changes
in the composition of sales can distort median price data. Year-ago median and
mean prices sometimes are revised in an automated process if additional data is
received.
The national median condo/co-op price often is higher than the median
single-family home price because condos are concentrated in higher-cost housing
markets. However, in a given area, single-family homes typically sell for more
than condos as seen in NAR’s quarterly metro area price reports.
4 Survey results represent owner-occupants and differ from separately reported
monthly findings from NAR’s Realtors® Confidence Index, which include all types
of buyers. The annual study only represents primary residence purchases, and
does not include investor and vacation home buyers. Results include both new and
existing homes.
5 Distressed sales (foreclosures and short sales), days on market, first-time
buyers, all-cash transactions and investors are from a monthly survey for the
NAR’s Realtors® Confidence Index, posted at nar.realtor.
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