Existing-home sales increased 2.4 percent to a seasonally adjusted annual rate of 5.04 million in December from 4.92 million in November, according to the National Association of Realtors.
Year-over-year, December sales rose by 3.5 percent. This is the third consecutive month in which home sales were above the year-over-year level.
In all of 2014, there were 4.93 million existing-home sales. The figure represents a 3.1 percent decline from 2013, which saw 5.09 million homes sold. The national median existing-home price was $208,500, the highest since 2007 ($219,000) and a 5.8 percent increase from 2013 ($197,100).
Despite a sluggish start in 2014, the market picked up in the second half of the year, said Lawrence Yun, NAR chief economist, in a statement.
“Home sales improved over the summer once inventory increased, prices moderated and economic growth accelerated,” he said. “Sales were measurably better in the second half—up 8 percent compared to the first six months of the year.”
