“Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December,” the National Association of Realtors reported on Tuesday.
Key takeaways from the press release
- Sales are now down 10.3 percent from a year ago.
- Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today.
- Now, with mortgage rates lower, some revival in home sales is expected going into spring.
- The median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017.
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