Weekly Real Estate Monitor: February 14-17, 2022

Market Report provided by NAR

In January 2022, existing-home sales rose to a seasonally adjusted annual rate of 6.5 million โ€“ an increase of 6.7% from the prior month, with sales up in all regions. Homebuyers are likely trying to lock in the current low mortgage rates before rates rise further in 2023. At the end of December, the inventory of unsold existing homes fell to a new all-time low of 860,000, which is equivalent to 1.6 months of the monthly sales pace, also an all-time low.