Existing-home sales stormed back in December as more buyers reached the market before the year-end. All four major regions saw large increases in December, with the South and West leading the way. Delayed home closings from the rollout of the Know Before You Owe initiative pushed a portion of November’s transactions into last month’s tally, according to the National Association of Realtors®.
Total existing-home sales climbed 14.7% to a seasonally adjusted annual rate (SAAR) of 5.46M in December, up from November’s 4.76M. After last month’s big boost — the largest monthly increase in EHS recorded — sales are now +7.7% versus a year ago.
2015 finished as the best year of existing sales (5.26M) since 2006’s 6.48M.
From Lawrence Yun, NAR chief economist:
“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,” he said. “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.”
Median price for EHS (all housing types) was up 7.6% in December to $224,100, compared to December 2014’s $208,200. This marks the 46th consecutive month of year-over-year gains.
For more details on Existing-Home Sales, a key metric in your local market, read the full article, December 2015 Existing-Home Sales on Realtor.org.
Dave Eckstein is a Partner in the firm ESA & Company. He specializes in highly profitable market share growth for local businesses and gets a kick out of demonstrating a declining cost of customer acquisition. He plays baseball, but isn't that Dave Eckstein.