Existing Home Sales Rise Again

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According to a recent release from the National Association of Realtors (NAR) existing home sales have risen again as we get under way in 2022. All of the four major regions in the United States saw an increase in total sales on a month by month basis this January. The total number of existing sales of homes including single families, condos, coops and townhomes was up specifically by 6.7%.

"Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher."

Housing Inventory Levels

Total housing inventory levels by the end of January was down 2.3% from December and down 16.5% from the same time one year ago. Available inventory hovers at a 1.6-month supply at the current sales pace which is down from 1.7 months in December and from 1.9 months we saw back in January 2021.

Home Price Trends

The median existing home price for all housing types for the month of January was up 15.4% from January of 2021 as prices rose in each region. This marked the 119th consecutive month of year-over-year increases which is also the longest-running streak on record.

Home Loan Rates

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate home loan was 3.45% for the month of January which was a marginal increase from 3.10% seen in December. The average commitment rate for all of 2021 was 2.96%.

Average Days on Market

Homes remained on the market for an average of 19 days for the month of January which was the same number of days on market for December, and down from 21 days seen in January 2021. Seventy-nine percent of homes that were sold in January 2022 were on the market for less than a month.

Beth Dickerson

Boston, MA

Primary phone
(617) 510-8565
Email
[email protected]
Address
277 Dartmouth St. , 2nd Floor,
Boston, MA 02116

About The Author

One of Boston’s most reputable real estate brokers, Beth Dickerson has achieved more than $2 billion in sales and thousands of successful real estate transactions over her nearly thirty-year tenure. Beth has received national acclaim from the real estate industry and represents some of the most prestigious residents and properties across Massachusetts. Her enduring record as a top producer comes from the intuitive gift of sensing her clients’ needs. She has built a business that is referral-based at its core—a testament to her relationship-driven approach and penchant for exceeding expectations. It is this nuanced expertise that Beth leverages to guide many of her clients-turned-friends through some of the greatest milestones of their lives.

Beth was the proprietor of her own real estate company before joining the residential division of R. M. Bradley in 1993, where she was a top producer for more than a decade. In 2003, she founded her own boutique real estate firm, Dickerson Real Estate, before merging with Gibson Sotheby’s International Realty in 2007. Today, Beth attributes her success to her comprehensive marketing and advertising strategies, exclusive contact network, and unparalleled insight into neighborhoods like Back Bay, Beacon Hill, the South End and Waterfront. With an understanding that no two clients are alike, she works with clients in all phases of life—from first-time buyers to luxury developers, seasoned sellers and beyond. Beth offers clients the resources to aggressively market their property locally, nationally and globally, and her attention to detail, drive and enthusiasm are unmatched.

Beth has appeared in prestigious media outlets including The Wall Street Journal, Mansion Global, The Boston Globe, and Boston magazine, and was prominently featured as Greater Boston’s real estate expert on WCVB Chronicle in 2020. She has had the honor of serving as President of the Downtown Council of the Greater Boston Real Estate Board. For over ten years, she has been a Co-Chair and Committee Member for the Massachusetts General Pediatric Hospital for Children’s Storybook Ball. She serves as a Board Member of the Community Music Center of Boston and a member for the Perkins School for the Blind, Emerald Necklace Park Conservancy, Justine Liff Luncheon, Youth Villages and the Boys & Girls Club of Boston, among dozens of other organizations throughout the Boston area.

A long-time resident of Boston’s Back Bay, Beth was an active member of the community as she raised her two children: she served as treasurer of the Clarendon Street Playground and was an avid supporter of the Hill House Community Center.