Existing home sales grew 3.6% in December to a seasonally adjusted annual rate of 5.54 million, the National Association of Realtors (NAR) reports.
Sales declined 1.5% in the Midwest but increased in the Northeast, South and West by 5.7%, 5.4% and 4.6%, respectively. Overall existing home sales increased 10.8% compared with December 2018.
“Home sellers are positioned well but prospective buyers aren’t as fortunate,” NAR Chief Economist Lawrence Yun said in a statement. “Low inventory remains a problem, with first-time buyers affected the most.”
The full NAR report can be found here.