HAR Report: According to HAR’s December/Full-Year 2022 Housing Market Update, single-family home sales fell 10.9 percent to 95,113. Sales of all property types totaled 117,572, down 10.7 percent from 2021. Total dollar volume dropped just 2.0 percent to $45.6 billion versus $46.5 billion in 2021.
“While disappointing, it was no surprise that 2022 ended the way it did given the economic forces that affected the market during the latter half of the year, most notably inflation, mortgage rates and persistently low inventory,” said HAR Chair Cathy Treviño with Side, Inc.
“We have been in uncharted territory since the pandemic, but have generally held strong, and I anticipate the market returning to healthier levels later this year, especially with inventory levels improving, mortgage rates easing and prices moderating.”