The existing-home sales rose 0.7% in December to a seasonally adjusted rate of 6.75 million. That’s a 22.2% increase from last December’s rate of 5.53 million. But, it doesn’t stop there, with existing-home sales totaling 5.64 million for the year of 2020, seeing the most sales since before the Great Recession. This activity has also pushed median existing-home prices to $309,800, a 12.9% increase from December 2019.
NAR’s chief economist, Lawrence Yung, explains, “Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic.” Further explaining that he expects to see this momentum carry out through 2021. But some factors may have a significant impact on this momentum, lack of inventory. The housing inventory took a huge hit this year, bringing it down to 1.07 million, leaving a 1.9-month supply.
Let’s hope that we continue to see the activity we saw in 2020 and bring it into the new year.
Information Provided by NAR – View Original Article Here
References:
Existing-Home Sales Rise 0.7% in December, Annual Sales See Highest Level Since 2006. (2021, January 22). Retrieved January 28, 2021, from https://www.nar.realtor/newsroom/existing-home-sales-rise-0-7-in-december-annual-sales-see-highest-level-since-2006
