Data offers "a fitting finish to the frenzy of the past year"
Median home listing prices increased in December 2021, according to new data from Realtor.com.
Figures from Realtor.com revealed that the US median home listing price reached $375,000 in December as the annual growth pace (up 10.0%) accelerated over last month (up 8.6%) and further over 2019 levels (up 25.0%).
Additionally, home prices of a typical 2,000 square foot single-family home increased at an even faster pace, up 18.6% year-over-year.
“December data offers a fitting finish to the frenzy of the past year,” said Danielle Hale, chief economist at Realtor.com. “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.”
According to Realtor.com data, more than one-quarter (13) of large markets posted double-digit yearly home price gains – and up by more than 20% in Las Vegas, Austin, Tampa, and Orlando.
“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,” said Hale. “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.”
Hale added that Realtor.com’s 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,” said Hale.