Existing-home sales fell 2.8% to a seasonally adjusted annual rate of 5.49 million in December, according to the National Association of Realtors (NAR). Even with the decline in December, existing-home sales finished 2016 as the best year in a decade.
The total housing inventory fell 10.8% to 1.65 million homes available for sale, while the median existing home price stood at $232,200, a 4.0% increase from December 2015.
Distressed sales moved up to 7% of the total in December, but down from 8% a year ago. Five percent of sales were foreclosures and 2% were short sales. On average, foreclosures and short sales sold for discounts of 20% and 10%, respectively.
Read the NAR release.
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