Existing home sales declined for the 11th consecutive month in December as soaring mortgage rates and waning inventory continued to deplete buyer demand. Year-over-year existing home sales were down 34% in December 2022 to a seasonally adjusted annual rate of 4.02 million, the lowest pace since November 2010, with the exception of April and May 2020, the National Association of Home Builders' Eye on Housing reports.
The median sales price for existing homes in December was $366,900, a 2.3% year-over-year gain marking the 130th consecutive month of annual increases—the longest-running streak on record.
Homes stayed on the market for an average of 26 days in December, up from 24 days in November and 19 days in December 2021. In December, 57% of homes sold were on the market for less than a month.
Geographically, three regions saw a decline in existing home sales in December, ranging from 1.0% in the Midwest to 2.2% in the South. Sales in the West remained unchanged in December. On a year-over-year basis, all four regions continued to see a double-digit decline in sales, ranging from 28.8% in the Northeast to 43.4% in the West.
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