Mortgage

Home sales cooled in December: Redfin

Home sales cooled in December: Redfin
Written by Publishing Team

In December, monthly home sales fell by the largest margin since May 2020, and the decline was attributed to a lack of offers, rather than interest, according to a new report from Redfin.

And homes sold, seasonally adjusted, fell 3.6% in December to nearly 579,300, the biggest drop since the pandemic’s first few months. December’s numbers also came in at a 10.7% year-on-year decline, the largest annual decline since June 2020, according to the report.

Seasonally adjusted active listings – the number of all homes for sale at any time during the month – also fell 3.2% monthly and 18.9% year-on-year to an all-time low in December, while new listings were down 2.4% from November and down 13.4 % over previous year levels.

“Home sales are declining, but not because of a lack of demand,” Redfin chief economist Daryl Fairweather said in a press release. “There are plenty of homebuyers looking, but nothing to sell. In many markets, home shopping seems like the go-to. To the grocery store only to find the shelves bare.”

The inventory shortage has also kept prices at a high level, up 15.2% since December 2020, with an average of $382,900. December was the 17th consecutive month of double-digit annual increases.

in a The housing market is characterized by enthusiastic buyers and hesitant sellersNassau County, New York, had the largest annual decline in homes sold of the 88 metropolitan areas tracked by Redfin, with a 22.3% drop in sales from the previous 12 months. Two other cities in the region followed suit. Home sales in New Brunswick, New Jersey, fell 21.6%, and Albany’s sales numbers in New York were down 20.8% year over year. West Palm Beach, Florida, and Anaheim, California approached the “top” 5 with sales down 20.7% and 19.8%.

On the other end of the scale, Southeast cities topped the list among the relatively few markets to post year-over-year sales increases. Greenville, South Carolina, saw an annual gain of 9.4%, followed by Greensboro, North Carolina, with 7.9% and Baton Rouge, Louisiana, with 7%. It was followed by Milwaukee with 5.5% and tied for fifth in Honolulu and Oklahoma’s Tulsa with 3.8%.

Fairweather said trends seen through the end of 2021 are likely to continue in the short term. I noticed it recently Higher interest rates may also influence buyer decisions, Make them move quickly in 2022.

“In January, I expect to see more buyers and sellers in the market, but demand will increase more than supply – pushing prices higher at the beginning of this year.”

Although the increased demand is likely to continue, data for December indicated that competition for home purchases eased slightly across the country, especially when compared to the summer of 2021. 15 in June. A year ago, homes were listed for an average of 31 days before selling.

Homes were also less likely to sell above list price. In December, 43% of homes were purchased above list price, compared to 57% in June, but it’s still up from 34% year over year.

Austin, Texas, led the country in annual house price growth, with values ​​rising 30.3% to $482,149. Northport, Florida, had the second-highest increase compared to 12 months ago, with an increase of 28.4%, followed by other Sun Belt markets in Phoenix, with 28%, Tucson, Arizona, with 25.6%, and Raleigh, North Carolina, with 25.4%.

.

About the author

Publishing Team

Leave a Comment