Decline in second-hand home sales deepens in the US

Second-hand home sales in the United States fell by 1.5 percent on a monthly basis in December last year, to the lowest level since November 2010, due to the impact of high mortgage (home loan) interest rates.

National Association of Realtors (NAR) announced second-hand home sales data for December 2022.


Accordingly, second-hand house sales in the country decreased by 1.5 percent on a monthly basis, in seasonally adjusted terms, to 4.02 million in the last month of last year.

It was predicted that the second-hand house sales, which carried the decline to the 11th month, would realize at the level of 3.96 million.

Second-hand house sales, which fell to the lowest level since November 2010, decreased by 7.9 percent to 4.08 million in November last year.

Second-hand house sales in the country decreased by 34 percent in December compared to the same month of the previous year.



The median house prices in the second-hand market in the USA increased by 2.3 percent on an annual basis in November and rose to 366 thousand 900 dollars.

NAR Chief Economist Lawrence Yun stated that December 2022 was another difficult month for buyers due to limited supply and high mortgage interest rates, adding that housing sales can be expected to recover soon as interest rates started to decline after reaching their peak last year. .

Pointing out that housing prices across the country are still positive, albeit slightly, Yun noted that the market in about half of the country will offer potential buyers discounted prices compared to last year.


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