![]() But that one-month decline paled in comparison to the 8.5% increase in sales for the 2021 year, the highest annual level in 16 years. In December, existing home sales fell by 4.6% from the previous month, according to NAR. Home prices soared 19% annually in November, according to the latest S&P CoreLogic Case-Shiller U.S. Wallace noted that applications to buy a home through are up by 28% in the first 27 days of 2022, even as current mortgage rates jumped to their highest level in almost two years. “The market is still extremely competitive and will remain so over the next couple of years,” says Christian Wallace, head of real estate services at. Because of this, most housing experts say prices will likely continue to climb. The tight housing supply also means homebuyers are competing for fewer houses on the market. “Homebuilders have already made strides in 2022 to increase supply, but reversing gaps like the ones we’ve seen recently will take years to correct.” ![]() “We saw inventory numbers hit an all-time low in December,” said NAR’s Chief Economist Lawrence Yun, in the data release. It was the lowest amount in more than 20 years since the data had been collected. Total housing inventory fell to a record low of 910,100 units in December, down 18% from the prior month and 14.2% from a year ago, according to the National Association of Realtors (NAR). But the housing market is running up against a new dilemma-the supply of existing homes for sale has hit a historical low nationwide, which fuels price competition even more. Home prices and sales have continued to climb despite a small cooling in the winter.
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