2021’s blistering hot home market benefitted both existing home sales and NAR membership growth.
Existing Home Sales Boom in 2021
The National Association of REALTORS® (NAR) just released its latest home sales data that showed a whopping 6.12M existing home sales were transacted in 2021. This is a staggering increase of +8.5% from 2020, a year that also experienced exceptional demand.
Despite this overall bonanza in existing home sales in 2021, sales of existing homes in December fell -4.6% m/m. On a yearly basis, existing home sales dropped -7.1% y/y, according to NAR.
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December Sales Retreat Due to Inventory Shortages
According to NAR Chief Economist Lawrence Yun, “December saw sales retreat, but the pullback was more a sign of supply constraints than an indication of a weakened demand for housing. Sales for the entire year finished strong, reaching the highest annual level since 22006.”
Yun predicts that sales will slow slightly in 2022 due to climbing mortgage rates. However, Yun added the caveat that employment gains and stricter underwriting standards will “…ensure home sales are in no danger of crashing.”
Yun anticipates home prices to grow moderately by 3% – 5% in both 2022 and 2023 as supply opens up.
NAR Market Data in December
For-sale home inventory substantially dropped in December. Monthly, inventory fell -18% from November and -14.2% y/y.
The median existing home price hit $358,000 in December 2021, an increase of +15.6% y/y. This median-existing home price increase marked the 118th consecutive month of annual existing-home price increase. During December, 79% of homes sold within less than one month of being put on the market.
Existing condo and co-op sales dropped -7% m/m and -9.6% y/y. The median existing condo price jumped +11.9% y/y to $305,100.
Who Were the Buyers in 2021?
- First-time buyers – +4% m/m and -1% y/y for a total of 30%
- Individual investors & second-home buyers – +2% m/m and +1% for a total of 17% for each
- All-cash sales – -1% m/m and +4% y/y for a total of 23%
National Association of REALTORS® (NAR) Hits Highest Membership Count EVER
A record 100,876 new members joined NAR in 2021. This +6.92% increase in membership growth blew away 2020’s then all-time high of new members.
NAR’s bottom line? The trade group grew from 1,458,661 members in 2020 to 1,559,537 members in 2021.
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This 6.12M existing home sales translates into an annual rate of 3.92 sales per Realtor.
Thanks to The National Association of REALTORS® and Inman.
