top of page

Home Sales Slow But Will Pick Up Again Soon

Sales of previously owned homes slipped 1.5 percent in December, according to newly released numbers from the National Association of Realtors. The decline is the 11th consecutive monthly decrease and puts sales 34 percent lower than where they were at the same time one year earlier. But while home sales have obviously suffered during a period of rising mortgage rates and high home prices, Lawrence Yun, NAR's chief economist, expects things will pick up soon. “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” Yun said. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.” In addition to lower rates, home price increases have also slowed, with the median existing-home price up just 2.3 percent year-over-year. That means improved affordability conditions for buyers as the spring home-buying season approaches, which could mean brighter days – and more sales – ahead.

Recent Posts

See All

Typical Property Spends 36 Days On The Market

There are few things more frustrating as a home buyer than losing a home to another buyer. Whether it's due to a faster offer or a better one, losing your chance at a home you had your eye on can be d

Rising Foot Traffic A Good Sign For Spring

Foot traffic is a great way to measure how active home buyers are in the market. You can tell a lot about where buyers are looking to live, and the homes they're most interested in, by looking at how

bottom of page