Abhoy Sarkar's Avatar
published in Blogs
Jan 22, 2023
US existing home sales fell -34% y-o-y in December

US existing home sales fell -34% y-o-y in December

U.S. existing home sales (i.e. sales when a contract is closed) fell -1.5% from November and -34% year-over-year to a seasonally adjusted annual rate of 4.02 million in December, the lowest level since November 2010. Home resales, which account for a significant share of U.S. housing sales, were down -34.0% on a year-on-year in December.

December marked the 11th consecutive month of home sales decrease --and the longest such stretch since 1999, as indicated in the National Association of Realtors data. For the year 2022, sales plunged -17.8%, biggest annual decrease since 2008, as last year’s rising interest rate environment dampened residential real estate market.

The median existing-home sales price rose +2.3% from a year ago to $366,900.

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