December 2022 Existing Home Sales: Sales Fell For the 11th Consecutive Month
Existing home sales fell less than expected in December. More sellers are accepting lower offers.

Existing home sales fell less than expected in December. More sellers are accepting lower offers.
Existing homes sales fell further in December as affordability challenges continued to keep potential home buyers and potential sellers on the sidelines. However, sales could tick back up in the coming months as mortgage rates have continued to decline. Mortgage rates are now at their lowest level since September 2022 and the combination of easing price growth and falling mortgage rates are starting to improve housing affordability. In turn, mortgage applications for purchases surged in early January according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. While the stabilization of affordability will be good news for potential home buyers, a lack of available inventory could remain a constraint for home buying activity.