Existing-Home Sales in the South Fall to 11-Year Low

Existing-home sales in the South fell to an 11-year low in December, according to the latest data from the National Association of Realtors.

  • M-O-M: Existing-home sales in the South fell to an annual rate of 1.72 million in December, down 2.8% from November and the lowest level since June 2012.
  • Y-O-Y: Existing-home sales fell 4.4% when compared to the same time last year.

Price. The median price in the South was $352,100, up 0.1% from November and up 3.8% from one year ago.

Nationally. Existing-home sales fell to a seasonally adjusted annual rate of 3.78 million in December, down 1.0% from November and the lowest level since August 2010.

  • On an annual basis, existing-home sales dropped to 4.09 million which is the lowest level since 1995.

Price. The median existing-home price for all housing types fell to $382,600, down 1.3% from November but up 4.4% when compared to December 2022.

Inventory. Total housing inventory was at 1 million units in December, down 11.5% from November but up 4.2% from one year ago.

Analysis. Lawrence Yun, NAR Chief Economist, was optimistic about the housing market in 2024. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year…Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”