The National Association of Realtors is reporting that existing home sales were up 2.2% in December to a seasonally-adjusted annual rate of 4.24 million – up 9.3% year over year. Total housing inventory at the end of December was 1.15 million units, down 13.5% from November and up 16.2% from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 35 days. The median existing-home price for all housing types in December was $404,400.
“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates…Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months…” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
