SANTA CLARA, Calif.,
Jan. 6, 2022 /PRNewswire/
-- Colder weather may be settling in, but new housing data
suggests the winter market is heating up, as looming mortgage rate
hikes motivate more buyers to search for a home despite limited
options. U.S. listing price growth renewed its momentum in
December, with the annual pace returning to the double-digit
territory seen throughout the past year's ultra-competitive spring
and summer seasons, according to the Realtor.com®
Monthly Housing Report released today.
"December data offers a fitting finish to the frenzy of the past
year. Annual listing price growth hit double-digits again
nationwide and in many of the hottest markets, after four
months of single-digit pace this fall," said
Realtor.com® Chief Economist Danielle Hale. "Despite buyer challenges like
rising prices, limited inventory and fast-paced sales, real estate
activity maintained a brisk pace throughout 2021 as factors like
low mortgage rates enabled home shoppers to persist. With rate
hikes now on the horizon, buyers may be trying to get ahead of
higher monthly housing costs, in turn driving up competition and
prices. Our 2022 Forecast anticipates affordability challenges
this year, but also that trends like rising incomes and workplace
flexibility could offer some Americans a better shot at finding a
home. For those who weren't successful in 2021, we expect better
luck in the coming months as more sellers plan to enter the
market – and if December's listings are an indication, with high
asking prices in mind."
December 2021 Housing Metrics –
National
Metric
|
Change Over Dec.
2020
|
Change Over Dec.
2019
|
Active Listing
Count
|
-26.8%
|
-57.1%
|
New
listings
|
-6.1%
|
-6.9%
|
Median Listing
Price
|
10.0% (to
$375,000)
|
25.0%
|
Median Listing Price
Per Square Foot
|
13.3%
|
32.4%
|
Median Days on
Market
|
-11 days (to 54
days)
|
-26 days
|
Price Adjusted
Share1
|
0.1%
|
-0.4%
|
Seller's market gains fresh momentum as annual home price
growth hits double-digits
The mismatch between demand and
the limited for-sale home supply continues to be a major factor in
rising home prices. Buyers remained active throughout 2021 despite
months of yearly inventory declines, while home price growth
moderated through November. December's larger advance in the
typical home asking price may be partly driven by increased
competition as home shoppers attempt to get ahead of projected
mortgage rate increases. Realtor.com® forecasts rising
affordability challenges in 2022 with December data showing an even
bigger price gain for a typical 2,000 square-foot single family
home.
- The U.S. median home listing price reached $375,000 in December as the annual growth pace
(+10.0%) accelerated over last month (+8.6%) and further over 2019
levels (+25.0%). Home prices of a typical 2,000 square foot
single-family home increased at an even faster pace, up 18.6%
year-over-year.
- In further evidence of the still-hot market, yearly growth in
the share of sellers making price adjustments1 slipped
in December (+0.1%) from earlier improvements.
- Relative to the national rate, the annual pace of home price
growth was lower in the 50 largest metros (+5.4%), on average, but
varied significantly across the country. The southern (+10.1%) and
western (+8.3%) regions posted the biggest annual gains, while
December prices were flat in the northeast (+0.7%) and declined in
the midwest (-2.8%).
- More than one-quarter (13) of large markets posted double-digit
yearly home price gains, up by more than 20% in Las Vegas, Austin, Tampa
and Orlando.
Still-eager buyers drive home sales at breakneck speed for
the 10th straight month
Time on market remains
historically-low so far this winter, despite typical seasonal
cooling giving home shoppers a few more days to make decisions than
in the spring and summer. As buyer activity continued to outmatch
limited inventory in December, the typical U.S. home hit a 10-month
streak of selling faster than in any month before 2021 – building
on the trend reported in October. Additionally, homes sold more
quickly than last year in all but two of the 50 largest U.S. metros
in December.
- Nationally, homes sold in a median of 54 days in December,
moderating over the previous month (+7 days) in line with seasonal
norms. However, the gap in time on market continued to widen over
December of both 2020 (-11 days) and 2019 (-26 days).
- Compared to national pace, time on market was lower in the 50
largest U.S. metros, at an average of 48 days in December, but
posted a smaller yearly decline (-7 days).
- The south (-9 days) saw December's fastest home sales relative
to 2020, among both the four primary U.S. regions and the 50
largest metros, led by Miami (-31
days), Orlando (-19 days) and
Raleigh (-18 days).
- Even in the market where time on market increased over last
year – Hartford (+5 days) – homes
still sold more quickly than in December 2016-2020. In the
Washington, D.C. area homes sold
equally as fast as in December
2020.
Inventory falls short as buyer activity continues to outpace
sellers entering the market
With buyers still quickly
snatching up active listings and fewer new sellers entering the
market, the inventory gap from last year continues to widen.
December marked the third straight month of bigger annual declines
in the U.S. supply of active listings, in a further setback from
improvements seen over the summer and fall. Some relief may be on
the horizon, with inventory expected to begin recovering from
2021's steep declines in 2022, and buyers in certain markets could
see their persistence pay off sooner. In fact, December data shows
more new sellers entered the market than last year in one-in-five
of the 50 largest U.S. metros.
- In December, the U.S. inventory of active listings declined
26.8% year-over-year, representing 177,000 fewer for-sale homes.
The western region (-32.1%) saw the country's widest gap in the
supply of listings compared to 2020.
- For the fourth consecutive month, fewer new sellers entered the
national market than in 2020 (-6.1%). With homeowners staying put
while buyers remain active, newly-listed homes continue to lag
behind typical 2017-2019 levels (-12.9%).
- New listings declined across the four primary U.S. regions in
December, with the biggest drop registered in the west
(-13.1%).
- However, new seller activity picked-up in 10 of the largest
metros, led by Memphis (+22.0%),
Pittsburgh (+10.9%) and
Philadelphia (+10.8%).
December 2021 Housing Metrics –
50 Largest U.S. Metros
Metro
|
Median
Listing
Price
|
Median
Listing
Price YoY
|
Active
Listing
Count YoY
|
New
Listing
Count YoY
|
Median
Days on
Market
|
Median
Days on
Market YoY
|
Price
Reduced
Share
|
Price
Reduced
Share YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$390,000
|
9.9%
|
-20.3%
|
0.3%
|
43
|
-10
|
13.8%
|
1.4%
|
Austin-Round Rock,
Texas
|
$544,000
|
28.8%
|
-10.4%
|
1.6%
|
42
|
-14
|
14.9%
|
3.4%
|
Baltimore-Columbia-Towson, Md.
|
$311,000
|
-4.2%
|
-12.5%
|
-2.0%
|
50
|
-4
|
17.5%
|
1.0%
|
Birmingham-Hoover,
Ala.
|
$272,000
|
4.3%
|
-31.3%
|
-7.2%
|
53
|
-10
|
12.8%
|
-1.8%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$695,000
|
7.0%
|
-32.3%
|
-13.4%
|
52
|
-8
|
9.8%
|
-2.0%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$217,000
|
3.8%
|
-8.8%
|
-14.0%
|
65
|
-7
|
12.7%
|
2.1%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$395,000
|
5.5%
|
-27.1%
|
4.0%
|
40
|
-11
|
14.2%
|
1.5%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$313,000
|
-4.2%
|
-26.3%
|
-13.7%
|
54
|
-6
|
13.6%
|
0.8%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$298,000
|
-0.7%
|
-19.1%
|
-9.9%
|
50
|
-5
|
15.3%
|
-2.2%
|
Cleveland-Elyria,
Ohio
|
$184,000
|
-8.1%
|
-12.8%
|
-3.3%
|
55
|
-3
|
18.0%
|
0.5%
|
Columbus,
Ohio
|
$292,000
|
-2.6%
|
-14.1%
|
3.0%
|
43
|
-6
|
15.1%
|
-4.1%
|
Dallas-Fort
Worth-Arlington, Texas
|
$400,000
|
13.0%
|
-33.4%
|
-0.1%
|
43
|
-10
|
11.9%
|
-3.6%
|
Denver-Aurora-Lakewood, Colo.
|
$630,000
|
17.5%
|
-36.3%
|
-16.0%
|
46
|
-9
|
12.5%
|
-0.1%
|
Detroit-Warren-Dearborn, Mich.
|
$217,000
|
-14.2%
|
-7.0%
|
-0.4%
|
44
|
-7
|
17.2%
|
1.5%
|
Hartford-West
Hartford-East Hartford, Conn.
|
$349,000
|
16.4%
|
-62.1%
|
-26.6%
|
59
|
5
|
10.7%
|
0.6%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
7.6%
|
-23.8%
|
-1.4%
|
52
|
-4
|
15.6%
|
0.6%
|
Indianapolis-Carmel-Anderson, Ind.
|
$276,000
|
5.2%
|
-29.9%
|
-4.8%
|
45
|
-9
|
19.2%
|
-2.8%
|
Jacksonville,
Fla.
|
$376,000
|
18.2%
|
-36.2%
|
-7.4%
|
50
|
-8
|
14.7%
|
-0.5%
|
Kansas City,
Mo.-Kan.
|
$347,000
|
6.9%
|
-12.0%
|
-7.8%
|
57
|
-1
|
13.1%
|
-1.3%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$450,000
|
32.4%
|
-37.0%
|
-18.3%
|
38
|
-13
|
11.9%
|
-1.7%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$897,000
|
-10.2%
|
-40.0%
|
-18.5%
|
45
|
-7
|
8.7%
|
-2.5%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$253,000
|
5.3%
|
-13.6%
|
-5.5%
|
41
|
-2
|
18.9%
|
-0.6%
|
Memphis,
Tenn.-Miss.-Ark.
|
$242,000
|
-3.9%
|
-14.7%
|
22.2%
|
45
|
-7
|
14.1%
|
0.2%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$495,000
|
19.3%
|
-53.1%
|
-18.8%
|
60
|
-31
|
9.3%
|
-2.6%
|
Milwaukee-Waukesha-West Allis, Wis.
|
$257,000
|
-11.1%
|
-8.1%
|
1.7%
|
53
|
-3
|
16.4%
|
0.7%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$354,000
|
2.9%
|
-12.0%
|
-16.2%
|
50
|
-2
|
11.7%
|
0.0%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$460,000
|
16.2%
|
-46.0%
|
-23.4%
|
31
|
-6
|
12.0%
|
-0.9%
|
New Orleans-Metairie,
La.
|
$345,000
|
3.0%
|
-26.5%
|
-14.3%
|
63
|
-6
|
13.4%
|
-2.0%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$664,000
|
2.2%
|
-18.2%
|
-6.4%
|
68
|
-7
|
8.5%
|
-2.9%
|
Oklahoma City,
Okla.
|
$282,000
|
5.7%
|
-23.8%
|
-10.9%
|
49
|
-3
|
14.7%
|
-0.9%
|
Orlando-Kissimmee-Sanford, Fla.
|
$389,000
|
21.7%
|
-51.4%
|
-8.9%
|
46
|
-19
|
11.1%
|
-4.9%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$300,000
|
-8.3%
|
-8.1%
|
10.8%
|
58
|
-3
|
15.9%
|
-0.1%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$486,000
|
17.8%
|
-8.7%
|
5.4%
|
38
|
-5
|
16.3%
|
-2.1%
|
Pittsburgh,
Pa.
|
$210,000
|
-12.1%
|
-10.8%
|
10.9%
|
65
|
-8
|
17.5%
|
3.2%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$549,000
|
3.6%
|
-19.2%
|
-1.0%
|
47
|
-9
|
34.9%
|
13.3%
|
Providence-Warwick,
R.I.-Mass.
|
$420,000
|
1.8%
|
-23.2%
|
-0.4%
|
49
|
-3
|
9.6%
|
0.5%
|
Raleigh,
N.C.
|
$420,000
|
9.1%
|
-50.1%
|
-24.1%
|
33
|
-18
|
9.3%
|
0.0%
|
Richmond,
Va.
|
$358,000
|
-1.7%
|
-31.9%
|
-12.8%
|
50
|
-5
|
8.2%
|
-3.2%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$549,000
|
11.8%
|
-13.1%
|
-6.5%
|
43
|
-4
|
11.6%
|
2.0%
|
Rochester,
N.Y.
|
$199,000
|
-14.4%
|
-28.9%
|
8.8%
|
39
|
-10
|
8.2%
|
-2.8%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$599,000
|
9.0%
|
-12.8%
|
-16.1%
|
42
|
-1
|
12.4%
|
2.0%
|
San Antonio-New
Braunfels, Texas
|
$350,000
|
17.7%
|
-24.1%
|
-2.8%
|
50
|
-5
|
15.6%
|
-0.2%
|
San Diego-Carlsbad,
Calif.
|
$824,000
|
3.0%
|
-42.3%
|
-12.3%
|
36
|
-7
|
8.3%
|
-3.1%
|
San
Francisco-Oakland-Hayward, Calif.
|
$954,000
|
-4.5%
|
-41.0%
|
-27.6%
|
44
|
-7
|
6.6%
|
-3.1%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,239,000
|
4.4%
|
-55.6%
|
-22.9%
|
39
|
-3
|
4.8%
|
-6.2%
|
Seattle-Tacoma-Bellevue, Wash.
|
$670,000
|
6.8%
|
-47.2%
|
-10.7%
|
41
|
-10
|
7.7%
|
-3.8%
|
St. Louis,
Mo.-Ill.
|
$245,000
|
3.2%
|
-26.7%
|
-5.4%
|
58
|
-13
|
13.5%
|
-1.5%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$376,000
|
25.4%
|
-42.8%
|
-7.9%
|
42
|
-11
|
15.2%
|
-5.0%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$313,000
|
1.6%
|
-27.0%
|
-16.0%
|
36
|
-7
|
10.6%
|
0.9%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$500,000
|
0.6%
|
-14.0%
|
-14.0%
|
48
|
0
|
13.8%
|
-0.3%
|
Methodology
Realtor.com® housing data as of
December 2021. Listings include
active inventory of existing single-family homes and
condos/townhomes for the given level of geography; new construction
is excluded unless listed via an MLS.
1In this release, price adjustments are defined as
home listings that had their price reduced in December 2021. Listings that had their prices
increased during the month are excluded.
Note: With the release of its November 2021 housing trends report,
Realtor.com® incorporated a new and improved methodology
for capturing and reporting housing inventory trends and metrics.
As a result of these changes, this release is not directly
comparable with previous data releases and reports. However, future
data releases, including historical data, will consistently apply
the new methodology. See more details on the methodology changes
here.
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 25 years ago, and today through
its website and mobile apps offers a marketplace where people can
learn about their options, trust in the transparency of information
provided to them, and get services and resources that are
personalized to their needs. Using proprietary data science and
machine learning technology, Realtor.com® pairs buyers
and sellers with local agents in their market, helping take the
guesswork out of buying and selling a home. For professionals,
Realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
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