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December Market Report

Updated: Jun 27



U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the

previous month and breaking a five-month streak in which sales declined,

according to the National Association of REALTORS® (NAR). Despite the

increase, sales were down 7.3% compared to the same period last year, as

affordability challenges continue to hinder prospective buyers. Most of this

period’s closed sales went under contract in October, when mortgage rates

were at a two-decade high. With rates having dropped more than a full

percentage point since then, existing-home sales may continue to pick up in the

months ahead.


New Listings decreased 22.1 percent to 60. Pending Sales remained flat at 66.

Inventory levels shrank 14.8 percent to 426 units.


Prices continued to gain traction. The Median Sales Price increased 41.0

percent to $253,750. Days on Market was up 47.4 percent to 84 days. Sellers

were encouraged as Months Supply of Inventory was down 9.3 percent to 3.9

months


Low levels of inventory continue to impact U.S. home sales, offering few

options for aspiring buyers to choose from. Going into December there were

1.13 million units for sale, down 1.7% from the previous month but up 0.9%

from the same period last year, for a 3.5 months’ supply at the current sales

pace. As a result, sales prices remain high nationwide, with NAR reporting the

median existing-home price rose 4% annually to $387,600 as of last measure,

the fifth consecutive month of year-over-year price gains. Homebuyer demand

is picking up, and without a significant increase in supply, experts believe home

prices will likely remain elevated for some time to come.


Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.


To view the full Market Report for December, download the link below.

ACVMLS - December 2023 Stats - JANUARY Release
.pdf
Download PDF • 146KB



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