The National Association of Realtors reported that existing home sales were down 3.6% in December, however the year ended with overall sales up 1.1% – the best in 11 years. The median existing-home price for all housing types in December was $246,800, up 5.8% from December 2016 and marking the 70th straight month of year-over-year gains. Inventory at the end of December was down 11.4% at 1.48 million homes for sale, representing a 3.2-month supply.
“Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand…At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country…” Said Lawrence Yun, NAR’s Chief Economist.
Click here to read the full release at the NAR.
