Existing Home Sales Drop
Sales of existing homes fell by 16.7% in December, but were 15% higher than in December 2008, the National Association of Realtors reported today.
Last month, home sales were at a seasonally adjusted annual rate of 5.45 million units, compared with 6.54 million units in November and 4.74 million units in December 2008.
In December, the median price for an existing home was $178,300, compared with $172,600 in November and 1.5% higher than in December 2008.
In December, existing home sales decreased from November's levels in the Northeast, Midwest, South and West by 19.5%, 25.8%, 16.3% and 4.8%, respectively.
Existing home sales rose from their December 2008 levels in the Northeast, Midwest, South and West by21.3%, 8.5%, 15.3% and 15%, respectively.