Housing supply fell to a new low in December, fueling a 3.6% month-over-month drop in home sales.
Fewer homes than ever were for sale in December, driving seasonally-adjusted home sales down 3.6%. That’s the largest month-over-month sales decline since May 2020. Home prices surged 15% from a year earlier in December, the 17th consecutive month of double-digit increases.
“Home sales are slumping, but not for lack of demand,” said Redfin Chief Economist Daryl Fairweather. “There are plenty of homebuyers on the hunt, but there is just nothing for sale. In many markets, shopping for a home feels like going to the grocery store only to find the shelves bare. 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 start of this year.”
| Market Summary | December 2021 | Month-Over-Month | Year-Over-Year |
|---|---|---|---|
| Median sale price | $382,900 | -0.1% | 15.2% |
| Homes sold, seasonally-adjusted | 579,300 | -3.6% | -10.7% |
| Pending sales, seasonally-adjusted | 593,800 | -2.2% | -3.1% |
| New listings, seasonally-adjusted | 629,900 | -2.4% | -13.4% |
| All Homes for sale, seasonally-adjusted | 1,334,600 | -3.2% | -18.9% |
| Median days on market | 24 | 2 | -7 |
| Months of supply | 1 | -0.3 | -0.3 |
| Sold above list | 42.8% | -1.5 pts† | 9.2 pts† |
| Average Sale-to-list | 100.5% | -0.1 pts† | 1.1 pts† |
| Average 30-year fixed mortgage rate | 3.10% | +0.03 pts† | +0.42 pts† |
Picture: Pixabay
