According to the National Association of Realtors (NAR) annual existing home sales rose to a 15-year high in 2021. Even though the supply chain has had disruptions, the historical low mortgage rates and the strong buyer demand has fueled house sales.
Existing home sales across the board did not rise, but first-time buyers’ shares spiked 30% in December 2021. All-cash sales were also down 1% to 23% in December.
Homes stayed on the market around 19 days in December and around 79% of the listings were on the market in under a month. Low inventory has shot home prices up. The median sales price of existing homes shot up to $358,000. The median existing condo/co-op price was $305,100.
In each of the four regions, existing-home sales declined. In the Northeast, the decline was 1.3% and in the West 8.3%. They also saw a decline in all the four major regions on a year-over-year basis ranging from 5.2% in the Midwest to 15.7% in the Northeast.
If you are currently looking for a home, now is a great time to purchase one. Contact a local Realtor who can help you with the total transaction.