Existing Home Sales Rise Again

March 25, 2022
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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.