Existing-home sales fizzle in December as supply hits an 18-year low

• January 24, 2018
• realestatelife
• Announcements, Business & Markets, Real Estate, Real Estate Finance

Existing-home sales were at a 5.57 million seasonally adjusted annual rate in December, the National Association of Realtors said Wednesday.

Sales of previously-owned homes tumbled in December as an ongoing inventory crunch worsened. Existing-home sales were down 3.6% for the month, though they were up 1.1% compared to a year ago. NAR said November’s selling pace was revised down to 5.78 million.

Sales for all of 2017 were just 1.1% higher than in the previous year, but that was still enough to make it the best year since 2006.
The consensus forecast among economists surveyed was for a 5.73 million annual rate.