The volume of home sales during December dropped 7.3% year-over-year and 2.3% month-over-month, according to new data from RE/MAX LLC. The number of home sales declined year over year in every month of 2023, continuing the trend that ran throughout 2022.
Inventory levels were down 0.7% year-over-year in December and fell by 10.4% from November. Inventory declined year-over-year each of the last seven months of 2023.
December’s new listings were up 2.7% year-over-year while down 24.3% from November.
The median sold price of $400,000 was 3.9% (or $15,000) higher than December 2022 and but was also 1.2% lower than November.
Despite the sluggish sign-off to 2023, RE/MAX LLC President and CEO Nick Bailey is looking into this year with optimism.
“There are many reasons to be encouraged about housing in 2024. The high mortgage rates and inventory lows of 2023 definitely made for a challenging market, but December data shows some positive signs for the new year,” said Bailey. “If new construction starts increase along with mortgage rates dropping, move-up buyers may start to explore their options, making room for new buyers. We believe there is a lot of pent-up demand, especially among younger people.”
RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX).
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