Existing-home sales increased 14.7 percent—the largest monthly increase ever recorded—to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November, and sales were 7.7 percent higher than the rate in December 2014, according to the National Association of Realtors.
2015 saw the best year of existing-home sales since 2006, which recorded 6.48 million sales.
“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,” said NAR Chief Economist Lawrence Yun in a statement. “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.”
The median existing-home price for all housing types in December was $224,100, an increase of 7.6 percent from December 2014 price of $208,200.
Total housing inventory in December decreased 12.3 percent to 1.79 million existing homes for sale, a 3.8 percent drop year-over-year. Unsold inventory is at a 3.9-month supply, the lowest since January 2005.
