Thursday, January 23, 2014

Existing Home Sales Rose Slightly in December

Existing home sales rose 1.0% in December, according to the National Association of Realtors. Sales rose to an annual pace of 4.9 million units, from a revised November number. December’s pace is 0.6% below year ago levels, the second month in which prices dropped from a year ago.

Two of the four regions posted gains in December. The Midwest was hit the hardest, dropping 4.3%. The Northeast also declined 1.5%. The West and South improved 4.8% and 3.0% respectively. The declines in the Midwest and Northeast may be in part due to the unusually cold weather in December, which prevented some closings.

Market supply is extremely tight, with the supply of homes on the market dropping to 4.6 months at December’s pace.

The median housing price grew to $198,000. Existing home prices are 9.9% above year ago levels, but appear to be slowing their year-over-year growth as prices recover.

Read the NAR release.

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