New data from Realtor.com recorded a 22% year-over-year increase in the number of homes actively for sale during December.
Although December marked the 14th straight month for a growth in the number of homes actively for sale, it was also lower than November’s 26% year-over-year growth. Also, seller activity stalled in December, as newly listed homes were 0.9% above last year’s levels, a decrease from November’s rise of 2.0%.
Homes sat on the market for longer in December compared to the same time last year, with the typical home spending 70 days on market, which is seven more days than last December and six more days than November. Among the nation’s top 50 metro areas, the greatest increases in the number of homes actively for sale were found in Miami (45.4%), San Diego (42.4%), and Denver (41.9%).
“December is traditionally a slower time for the market, as people settle in for the holidays, and we expect to see a seasonal downturn each year. Compounding this, mortgage rates are hovering in the high sixes, following a strikingly different trend than at this time last year,” said Danielle Hale, chief economist, at Realtor.com. “Nevertheless, the number of homes for sale grew compared to last December. Further, growing activity in newly listed homes and a slower market pace could spell opportunity for winter buyers who want to get ahead of the busier spring season.”
