U.S. Existing Home Sales Rebound More Than Expected In December
22 Janeiro 2016 - 8:33AM
RTTF2
After reporting a notable decrease in U.S. existing home sales
in the previous month, the National Association of Realtors
released a report on Friday showing that sales rebounded strongly
in December.
NAR said existing home sales jumped 14.7 percent to an annual
rate of 5.46 million in December from a rate of 4.76 million in
November. Economists had expected sales to climb to a rate of 5.20
million.
The rebound was partly attributed to delayed closings resulting
from the rollout of the "Know Before You Owe" initiative pushing a
portion of November's would-be transactions into December's
figure.
Lawrence Yun, NAR chief economist, said, "While the carryover of
November's delayed transactions into December contributed greatly
to the sharp increase, the overall pace taken together indicates
sales these last two months maintained the healthy level of
activity seen in most of 2015."
"Additionally, the prospect of higher mortgage rates in coming
months and warm November and December weather allowed more homes to
close before the end of the year," he added.
The report said the median existing-home price for all housing
types in December was $224,100, up 1.9 percent from $220,000 in
November and up 7.6 percent from $208,200 a year ago.
Total housing inventory tumbled 12.3 percent to 1.79 million
existing homes available for sale at the end of December compared
to the 2.04 million available for sale at the end of November.
The unsold inventory represents 3.9 months of supply at the
current sales pace, down from 5.1 months in November and the lowest
since January of 2005
NAR also said single-family home sales jumped 16.1 percent to a
rate of 4.82 million, while existing condominium and co-op sales
climbed 4.9 percent to a rate of 640,000.
Next Wednesday, the Commerce Department is scheduled to release
its report on new home sales in the month of December.
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