Fewer houses than ever have been on the market in December, riding seasonally-adjusted house gross sales down 3.6%, consistent with a brand new document from Redfin, the technology-powered actual property brokerage. This marks the biggest month-over-month gross sales decline since Might 2020. House costs surged 15% from a 12 months previous, the seventeenth consecutive month of double-digit will increase.
“House gross sales are slumping, however now not for loss of call for,” mentioned Redfin leader economist Daryl Fairweather. “There are many house consumers at the hunt, however there may be simply not anything on the market. In lots of markets, purchasing for a house looks like going to the grocer simplest to seek out the cabinets naked. In January, I be expecting to look extra consumers and dealers out there, however call for will build up greater than provide — pushing costs upper at the beginning of this 12 months.”
“The wild housing marketplace didn’t take a destroy for the vacations,” mentioned Brionna Chang, a Redfin actual property agent within the San Francisco space. “There used to be one two-bedroom house in Orinda that used to be indexed simply prior to Christmas, and round 40 other folks in an instant got here to the open properties. It ended up getting more than one provides and going for $325,000 over the $1.2 million asking worth.”
Median sale costs greater from a 12 months previous in all however one of the vital 88 greatest metro spaces Redfin tracks. The one metro space with a lower used to be Bridgeport, Connecticut, the place house costs fell 0.4% from a 12 months previous following a 28% year-over-year build up in December 2020. The biggest worth will increase have been in Austin, Texas (+30%), North Port, Florida (+28%) and Phoenix (+28%).
Seasonally-adjusted house gross sales in December have been down 3.6% from a month previous and 11% from a 12 months previous, the biggest annual decline since June 2020. House gross sales fell from the prior 12 months in 79 of the 88 greatest metro spaces Redfin tracks. The largest gross sales declines have been observed in Nassau County, New York (-22%), New Brunswick, New Jersey (-22%) and Albany, New York (-21%). The biggest good points have been in Greenville, South Carolina (+9%), Greensboro, North Carolina (+8%) and Baton Rouge, Louisiana (+7%).
Simplest one of the vital 88 greatest metros tracked via Redfin posted a year-over-year build up within the selection of seasonally adjusted energetic listings of houses on the market: Detroit (+4%). The largest year-over-year declines in energetic housing provide in December have been in Baton Rouge, Louisiana (-52%), San Jose, California (-49%) and San Francisco (-46%).
Seasonally adjusted new listings of houses on the market have been down 13% in December from a 12 months previous, the biggest decline since Might 2020. New listings fell from a 12 months in the past in 82 of the 88 greatest metro spaces.
The everyday house that bought in December went underneath contract in 24 days—per week quicker than a 12 months previous, when houses bought in an average 31 days, however up 9 days from the report low of 15 days in June.
In December, 43% of houses bought above record worth, down 14 proportion issues from the report prime in June, however up 9 proportion issues from a 12 months previous. The common sale-to-list worth ratio in December used to be 100.5%, down from a report prime of 102.6% in June however up from 99.4% a 12 months previous.