Fewer houses than ever had been on the market in December, driving seasonally-adjusted residence gross sales down 3.6%, in accordance with a brand new report from Redfin, the technology-powered actual property brokerage. This marks the biggest month-over-month gross sales decline since Might 2020. Dwelling costs surged 15% from a yr earlier, the seventeenth consecutive month of double-digit will increase.
“Dwelling gross sales are slumping, however not for lack of demand,” stated Redfin chief economist Daryl Fairweather. “There are many residence patrons on the hunt, however there’s simply nothing on the market. In lots of markets, searching for a house appears like going to the grocery retailer solely to search out the cabinets naked. In January, I count on to see extra patrons and sellers available in the market, however demand will improve greater than provide — pushing costs increased in the beginning of this yr.”
“The wild housing market didn’t take a break for the vacations,” stated Brionna Chang, a Redfin actual property agent within the San Francisco space. “There was one two-bedroom residence in Orinda that was listed simply earlier than Christmas, and round 40 individuals instantly got here to the open homes. It ended up getting a number of provides and going for $325,000 over the $1.2 million asking value.”
Median sale costs elevated from a yr earlier in all however one of many 88 largest metro areas Redfin tracks. The one metro space with a lower was Bridgeport, Connecticut, the place residence costs fell 0.4% from a yr earlier following a 28% year-over-year improve in December 2020. The biggest value will increase had been in Austin, Texas (+30%), North Port, Florida (+28%) and Phoenix (+28%).
Seasonally-adjusted residence gross sales in December had been down 3.6% from a month earlier and 11% from a yr earlier, the biggest annual decline since June 2020. Dwelling gross sales fell from the prior yr in 79 of the 88 largest metro areas Redfin tracks. The most important gross sales declines had been seen in Nassau County, New York (-22%), New Brunswick, New Jersey (-22%) and Albany, New York (-21%). The biggest features had been in Greenville, South Carolina (+9%), Greensboro, North Carolina (+8%) and Baton Rouge, Louisiana (+7%).
Solely one of many 88 largest metros tracked by Redfin posted a year-over-year improve within the variety of seasonally adjusted energetic listings of houses on the market: Detroit (+4%). The most important year-over-year declines in energetic housing provide in December had been in Baton Rouge, Louisiana (-52%), San Jose, California (-49%) and San Francisco (-46%).
Seasonally adjusted new listings of houses on the market had been down 13% in December from a yr earlier, the biggest decline since Might 2020. New listings fell from a yr in the past in 82 of the 88 largest metro areas.
The everyday residence that offered in December went below contract in 24 days—every week sooner than a yr earlier, when houses offered in a median 31 days, however up 9 days from the file low of 15 days in June.
In December, 43% of houses offered above listing value, down 14 proportion factors from the file excessive in June, however up 9 proportion factors from a yr earlier. The common sale-to-list value ratio in December was 100.5%, down from a file excessive of 102.6% in June however up from 99.4% a yr earlier.