Realtor.com: 2021 Buying Frenzy Led to Double-Digit Price Growth
SANTA CLARA, Calif. – From Realtor.com:
New housing data suggests the winter market is heating up, as looming mortgage rate hikes motivate more buyers to search for a home despite limited options. U.S. listing price growth renewed its momentum in December, with the annual pace returning to the double-digit territory seen throughout the past year’s ultra-competitive spring and summer seasons, according to the Realtor.com Monthly Housing Report released today.
“December data offers a fitting finish to the frenzy of the past year. Annual listing price growth hit double-digits again nationwide and in many of the hottest markets, after four months of single-digit pace this fall,” said Realtor.com Chief Economist Danielle Hale. “Despite buyer challenges like rising prices, limited inventory and fast-paced sales, real estate activity maintained a brisk pace throughout 2021 as factors like low mortgage rates enabled home shoppers to persist. With rate hikes now on the horizon, buyers may be trying to get ahead of higher monthly housing costs, in turn driving up competition and prices. Our 2022 Forecast anticipates affordability challenges this year, but also that trends like rising incomes and workplace flexibility could offer some Americans a better shot at finding a home. For those who weren’t successful in 2021, we expect better luck in the coming months as more sellers plan to enter the market – and if December’s listings are an indication, with high asking prices in mind.”
December 2021 Housing Metrics – National
|Metric||Change Over Dec. 2020||Change Over Dec. 2019|
|Active Listing Count||-26.8%||-57.1%|
|Median Listing Price||10.0% (to $375,000)||25.0%|
|Median Listing Price Per Square Foot||13.3%||32.4%|
|Median Days on Market||-11 days (to 54 days)||-26 days|
|Price Adjusted Share1||0.1%||-0.4%|
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