Supply tightened even further in December. There were 1.65 million homes available at the end of the month, the lowest level of inventory since 1999 even as the U.S. population has grown by about 40 million. At the current sales pace, there were 3.6 months’ worth of available homes in December. That continues to nudge prices up. The median sales price in December was $232,200, up 4.0% compared to a year ago. Since the housing recovery began in 2011, prices have appreciated 41%, NAR said.
Existing Home Sales at an annual rate of 5.49 million
Sales of previously-owned homes dipped in December, as increasingly tight inventory and higher prices began to stifle the housing market. Existing-home sales ran at a seasonally-adjusted annual pace of 5.49 million, the National Association of Realtors said Tuesday. That was down 2.8% from an upwardly-revised November, which marked a nine-year high, but only 0.7% higher than a year ago. Economists surveyed by MarketWatch had forecast a rate of 5.51 million.
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