Homes sales ended the year at a seasonally adjusted, annualized pace of 4.02 million units, which was 34% lower than December 2021.Home sales have now fallen for 11 straight months, due to much higher mortgage rates.
"December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," said Lawrence Yun, chief economist for the Realtors. "However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year." Low supply continues to support prices to some extent, but the gains are shrinking compared with a year ago. The median price of and existing home sold in December was $366,900, up 2.3% from the year before. It is still the highest price recorded for December, but annual price gains had been in the double digits last summer.
"Evaporating demand has ended the strong sellers market of the past several years, and still-falling home sales tell us that many buyers are still not able to afford a purchase or not yet convinced that the market is tilted sufficiently in their favor to move forward. The housing market is entering "nobody's market" territory as buyers and sellers remain largely in a stalemate," said Danielle Hale, chief economist for Realtor.com.
Even with 120000$ salary I have . I can’t buy anything reasonable in Washington,DC area .
For more on the state of the housing market, listen to our conversation with DianaOlick: