The National Association of Realtors (NAR) announced on Wednesday that the U.S. existing home sales surged 3.6 percent m-o-m to a seasonally adjusted rate of 5.54 million in December from an unrevised 5.35 million in October. That was the highest level since February 2018.
Economists had forecast home resales increasing to a 5.43 million-unit pace last month.
In y-o-y terms, existing-home sales climbed 10.8 percent in December.
On a full-year basis, total existing-home sales ended at 5.34 million, the same level as in 2018.
According to the report, single-family home sales stood at 4.92 million in December, up from 4.79 million in November, and up 10.6 percent from a year ago. The median existing single-family home price was $276,900 in December 2019, up 8.0 percent from December 2018. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in December, up 10.7 percent from November and 12.7 percent higher than a year ago. The median existing condo price was $255,400 in December, which is a surge of 6.0 percent from a year ago.
Lawrence Yun, NAR's chief economist, noted that home sales fluctuated a great deal last year. "I view 2019 as a neutral year for housing in terms of sales," Yun said. "Home sellers are positioned well, but prospective buyers aren't as fortunate. Low inventory remains a problem, with first-time buyers affected the most."
© 2000-2020. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.