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.”