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REAL ESTATE UPDATES
Here's the latest news and headlines on property investments, housing, mortgages, refinancing, and real estate markets.
December 2022 brought 4.02 million in sales, a median sales price of $366,900, and 2.9 months of inventory. The median sales price is up 2.3% year-over-year, and inventory was up 1.7 months from December 2021.
KEY HIGHLIGHTS
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First-time buyers represented 31% of buyers, up from 28% one month ago and about the same as one year ago. |
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28% of buyers were all-cash sales, nearly unchanged from 26% last month and up from 23% in December 2021. |
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57% of respondents reported properties sold in less than one month. This is down from 61% a month ago and 79% in December 2021. |
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Homes listed received an average of 2.2 offers, nearly flat from November 2022 when it was 2.3 and down from 3.8 in December 2021. |
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"While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023."
- Sam Khater, Chief Economist at Freddie Mac
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