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1/20, 4:03 PM (Source: TeleTrader)
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US existing home sales down by 4.6% in December

Existing home sales in the United States went down by 4.6% in December in comparison to the previous month, reaching a seasonally adjusted annual rate of 6.18 million, well below market predictions, the National Association of Realtors (NAR) revealed in its report published on Thursday.

However, on an annual level, the figure rose by a staggering 8.5%, its highest level since 2006. The median existing-home price for all housing types advanced by 15.8% in comparison to December 2020 to $358,000. Meanwhile, total housing inventory at the end of December fell by 18.0% month-on-month and 14.2% year-on-year to 910,000 units.

"December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," Lawrence Yun, NAR's Chief Economist commented. "This year, consumers should prepare to endure some increases in mortgage rates."

Baha Breaking News (BBN) / JR