Number Of Home Sales Spikes

Recent reports show home sales are on the rise again

According to a report recently shared by the National Association of Realtors (NAR) existing home sales have spiked as we begin 2022. Each of the four major regions in the United States saw an increase in sales on a month by month basis this January. The total number of existing sales of homes that includes single families, condos, coops and townhomes was up specifically by 6.7%.

"Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." 

Housing Inventory

Total housing inventory by the end of January was down 2.3% from the month before in December and down 16.5% from the same time one year ago. Available inventory sits at a 1.6-month supply at the current sales pace which is down from 1.7 months in December and from 1.9 months in January 2021.

Home Prices

The median existing home price for all property types for January was up 15.4% from January of last year as prices rose in each region. This made us reach the 119th consecutive month of year-over-year increases which is also the longest-running streak on record.

Days on Market

Properties were on the market for an average of 19 days in January which was the same number of days on market for December, and down from 21 days seen in January 2021. Seventy-nine percent of the homes that were sold in January 2022 were on the market for less than a month.

Mortgage Rates

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45% for the month of January which was a marginal increase from 3.10% seen in December. The average commitment rate for all of 2021 was 2.96%.