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Home sales in the US grew annually by 15% in early December

Posted on December 19, 2022 |

In the four weeks ending December 4, 2022, the total number of homes for sale in the US grew by 15% year-over-year, the largest increase since 2015.

The new listings fell by over 20% during the same period, which means that homes are idle on the market as prospective buyers are waiting for mortgage rates and home prices to decline further from their peaks.

The standard home that sold during the period was on the market for 37 days, which increased from a record low of 17 days in June and 28 days from a year ago.

Homebuyer Demand Index is recovering from its low point, up 5% from a week earlier, as mortgage rates continue to fall from their early November peak.

Rates fell by 6.33% from 6.50% a week earlier, which will cut the typical U.S. homebuyer’s monthly housing bill by $50.

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