Existing Home Sales Slid 17.8 Percent Last Year

Sales of existing homes fell 17.8% in 2022, marking the weakest sales performance since 2014 as interest rates climbed. Interest rates rose quickly last year, a factor that weighed on the residential real estate market. The 30-year fixed-rate mortgage averaged 6.15% as of Jan. 19, down from 6.33% last week, but up from 3.56% a year ago, according to Freddie Mac.

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Home Sales Plummet in Ominous Sign for Economy

Sales of existing homes fell in September for the eighth month in a row, as historically high mortgage rates pummel demand for homes, the National Association of Realtors (NAR) announced Thursday.

The 1.5% decline from August contributed to a 23.8% slide compared to September 2021, as the median existing-home sales price rose 8.4% from last September, from $355,100 to $384,800, the NAR reported. NAR Chief Economist Lawrence Yun said that high mortgage rates were contributing to reduced demand, particularly in “expensive regions of the country.”

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Home Sales Surged to 15-Year High in 2021

U.S. existing home sales soared to a 15-year high in 2021 fueled by low interest rates and remote work, which boosted a competitive housing market, the National Association of Realtors (NAR) announced Thursday.

Home sales totaled 6.12 million in 2021, representing an 8.5% increase from 2020 and the highest level since 2006, according to the NAR. The inventory of unsold homes as of December 2021, 910,000, the lowest figure since January 1999.

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