Existing home sales declined 15% in 2022 in Harrisonburg and Rockingham County...

2021 Existing Home Sales = 1,364

2022 Existing Home Sales = 1,165

That said, overall home sales only declined 7% because new home sales increased 28% in 2022...

2021 New Home Sales = 309

2022 New Home Sales = 397

Why did existing home sales decline 15% in 2022?

I don't think it was a shortage of demand.  If there was a limited amount of demand for existing homes then we would see inventory levels of existing homes for sale increase.  We did not see that increase in an inventory in 2022.

As such, it seems reasonable to conclude that the decline in existing home sales in 2022 was a supply side issue... there were (perhaps, approximately) 15% fewer sellers willing to sell their existing homes in 2022 as compared to in 2021.

Looking ahead, it seems relatively likely that this trend and supply side issue will continue.

I think it is likely that we will see another decline in 2023 in the number of existing homes selling in Harrisonburg and Rockingham County... and I think it will still be a supply side issue... there are likely to be somewhat fewer home sellers willing to sell their existing homes in 2023.