Economy: Existing Home Sales During January 2022

Friday, February 18, 2022

Existing Home Sales During January 2022

The Existing Home Sales report for January 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 6,250,000
Actual: 6,500,000

Change from Previous Month: +6.732% (+410,000 homes)
Change from One Year Previous: -2.256% (-150,000 homes)

==========

Inventory: 860,000 (1.6 months supply)

==========

The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

------------------------------------------------------

Median Price for A Used Home During January 2022: $350,300

Change from One Year Previous: +15.382% (+$46,700)

---------

Average Price for A Used Home During January 2022: $368,700

Change from One Year Previous: +9.147% (+$30,900)

------------------------------------------------------

==========

Click here for historical prices and a chart.

==========

From Today's Report:

"...'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.'

'The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low,' Yun said.

Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments.

'First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage,' he said. 'Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates.'..."