Home sales in 2021 nearly reached pre-pandemic levels as home price appreciation was in the double digits.
Snapshot of Existing Home Sales in 2021
Here are CoreLogic’s data points on existing home sales in 2021:
- Sales volume – +7% y/y
- Days on Market – from 20 days in 2020 to 10 days in 2021
- % of homes sold above list price – +20% y/y
According to data from CoreLogic’s Multiple Listing Service, existing home sales volume rebounded some +7% y/y in 2021. The pace of existing home sales turned out to be twice as fast in 2021 than the pace of sales in 2020.
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Likewise, CoreLogic indicated that existing home price appreciation rose an almost shocking +20% y/y.
Metros with Largest Sales Increases in 2021
Home sales in some of the hardest pandemic-hit metros rebounded the most in 2021, compared to 2020. Take a look at the top five:
- Los Angeles – +31%
- Miami – +25%
- Las Vegas – +17%
- Chicago – +16%
- San Diego – +12%
Buyers Willing to Pay Premiums
CoreLogic reported that over 60% of homes sold in 2021 were sold over list price. In Denver, nearly 75% of all homes sold at or above list price while buyers paid an average premium price of 2.5% over list. For-sale homes in Denver just 5 days on the market before becoming a pending sale.
On the other hand, in markets where there were more for-sale homes such as Miami, price competition was much less and days on the market were much longer. Only one third of Miami’s for-sale homes sold above list and buyers were able to negotiate an average -4% discount. Rather than spending just five days on the market as in Denver, Miami’s for-sale homes spent a median of 32 days on the market before going to pending.
Expectations for Existing Home Sales in 2022
CoreLogic anticipates that the 2022 housing market will remain strong. That said, this real estate data company expects increasing mortgage rates throughout the year and, in some cases, prohibitively high home prices could dampen home buying demand.
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Thanks to CoreLogic.
