New Home Sales Decline in December

New Home Sales in December fell 10.4 percent from November to an annual rate of 536,000 versus the 589,000 expected. Higher mortgage rates and increasing home prices have been blamed. It was the lowest level since February 2015 and down 0.4 percent from December 2015. Within the report it showed that the median sales price rose nearly 8 percent from a year ago to $325,500. In addition, a near 6-month supply of new homes for sale finally shows a healthy balance between supply and demandfea_chart_012617_print

Existing Home Sales in 2016 Best Year in a Decade

Existing Home Sales closed out 2016 as the best year in a decade, though December’s numbers were a bit below expectations. The National Association of REALTORS® reported that sales in 2016 were 5.45 million units, above the 5.25 million in 2015 and the highest since the 6.48 million in 2006. December Existing Home Sales declined 2.8 percent from November to an annual rate of 5.49 million units, which was below the 5.55 million expected. November was revised higher to 5.65 million from 5.61 million.

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