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Existing home sales fell for the 11th consecutive month in December, hitting the
slowest pace since November 2010
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Existing home sales fell for the 11th consecutive month in December, hitting the
slowest pace since November 2010
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EXISTING HOME SALES FELL FOR THE 11TH CONSECUTIVE MONTH IN DECEMBER, HITTING THE
SLOWEST PACE SINCE NOVEMBER 2010

Published Fri, Jan 20 202310:00 AM ESTUpdated Fri, Jan 20 202310:16 AM EST
Diana Olick@in/dianaolick@DianaOlickCNBC@DianaOlick
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Key Points
 * Homes sales ended the year at a seasonally adjusted, annualized pace of 4.02
   million units, which was 34% lower than December 2021.
 * It is the slowest pace since November 2010, when the nation was struggling
   through a housing crisis.
 * Home sales have now fallen for 11 straight months, due to much higher
   mortgage rates.

Homes in Rocklin, California, US, on Tuesday, Dec. 6, 2022. A record number of
homes are being delisted as sellers face a sharp drop in demand, according to
real estate brokerage Redfin.
David Paul Morris | Bloomberg | Getty Images

Sales of previously owned homes dropped 1.5% in December from the previous
month, according to the National Association of Realtors.

Sales ended the year at a seasonally adjusted, annualized pace of 4.02 million
units, which was 34% lower than December 2021. It is the slowest pace since
November 2010, when the nation was struggling through a housing crisis brought
on by faulty subprime mortgages.



Total sales for the year were down 17.8% from 2021.

Home sales have now fallen for 11 straight months, due to much higher mortgage
rates, which began rising last spring and had more than doubled by fall.
Sky-high prices, driven by high demand during the first years of the pandemic,
weakened affordability even further and caused supply to fall sharply.

“December was another difficult month for buyers, who continue to face limited
inventory and high mortgage rates,” said Lawrence Yun, chief economist for the
Realtors. “However, expect sales to pick up again soon since mortgage rates have
markedly declined after peaking late last year.”

Mortgage rates have fallen a full percentage point since their high last
October, but they are still roughly double what they were one year ago.

At the end of December, total housing inventory fell 13.4% from November to
970,000 units. It was, however, up 10.2% from the previous December. Unsold
inventory is 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.



Low supply continues to support prices to some extent, but the gains are
shrinking compared with a year ago. The median price of an existing home sold in
December was $366,900, up 2.3% from the year before. It is still the highest
price recorded for December, but annual price gains had been in the double
digits last summer.

“Markets in roughly half of the country are likely to offer potential buyers
discounted prices compared to last year,” added Yun.

The trouble, however, is that sellers are not entering the market, given falling
prices and weaker demand. The total inventory is higher than a year ago because
homes are sitting on the market longer. New listings in January are down year
over year.

“Evaporating demand has ended the strong sellers market of the past several
years, and still-falling home sales tell us that many buyers are still not able
to afford a purchase or not yet convinced that the market is tilted sufficiently
in their favor to move forward. The housing market is entering “nobody’s market”
territory as buyers and sellers remain largely in a stalemate,” said Danielle
Hale, chief economist for Realtor.com.

First-time buyers continue to struggle in today’s market, making up just 31% of
December sales. While this is up from 30% in December of last year, it is far
off the historical norm of 40%.

The market continues to slow, with homes sitting on the market an average 26
days, up from 24 days in November and 19 days in December 2021.

All-cash sales rose to 28% of transactions from 23% the year before and
investors made up 16% of sales, slightly down from 17% the year before.

While sales are down in all price categories, they are falling most sharply on
the higher end. Sales of homes priced above $1 million were down 45% year over
year, compared with sales of homes priced between $250,000 and $500,000, which
were down 34%. Yun suggested that weakness on the higher end may be due to
volatility in the stock market.


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