December is historically a slow month in real estate, but in 2021 it was even slower thanks to extremely low inventory levels, according to the latest data from Redfin…(Redfin)
- Home sales fell 3.6% in December, the biggest month-over-month decline since May 2020.
The drop in sales was a direct result of the lack of homes for sale…
- Seasonally adjusted active listings plummeted 19% year-over-year to an all-time low in December.
- Only one metro area out of the 88 that Redfin tracks saw an increase in inventory. It was Detroit (+4.0%)
NOTE: The biggest decline where Baton Rouge, LA (-52%), San Jose, CA (-49%), and San Francisco, CA (-46%).
Daryl Fairweather, Redfin Chief Economist, reiterated that the decline was not a demand-side issue…
- “There are plenty of homebuyers on the hunt, but there is just nothing for sale. In many markets, shopping for a home feels like going to the grocery store only to find the shelves bare. In January, I expect to see more buyers and sellers in the market, but demand will increase more than supply– pushing prices higher at the start of this year.”