Existing home sales were off 6.2% year-over-year in December, while prices rose to an average of $382,600. On an annual basis, the housing market saw its lowest volume in 28 years, while median prices during 2023 were at an all-time high.
Unsold inventory was at 3.2 months in December, which was down from last month but a 4.2% improvement over 2022.
First-time buyers represented a smaller share of December’s market, as properties averaged 29 days on the market before being sold. 56% of all existing homes sold in December were on the market for less than one month.
The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.
NAR Chief Economist
In short, this is still a fast, over-priced, under-inventoried market. The hope for many in the industry is that this is the bottom.
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Existing-Home Sales Slid 1.0% in December