The National Association of Realtors (NAR) announced on Thursday that
the U.S. existing home sales declined 4.6 percent m-o-m to a seasonally
adjusted rate of 6.18 million in December from an upwardly revised 6.48 million
(from 6.46 million) in November. This was the lowest reading since August (5.88
million).
Economists had forecast home resales slowing to a 6.44 million-unit pace
last month.
In y-o-y terms, existing-home sales dropped 7.1 percent in December.
According to the report, all four major regions recorded declines on both m-o-m and y-o-y basis.
Over the reviewed period, the median existing-home price for all housing
types jumped 15.8 percent y-o-y to $309,200. This marked 118 straight months of
y-o-y gains, the longest-running streak on record.
Single-family home sales came in at a seasonally-adjusted annual rate of
5.25 million in December, being down 4.3 percent m-o-m and down 6.8 percent y-o-y.
The median existing single-family home price showed a 16.1 percent y-o-y climb
to $364,300 in December.
Meanwhile, existing condominium and co-op sales stood at a
seasonally-adjusted annual rate of 660,000 units in December, registering a 7.0
percent m-o-m decrease and a 9.6 percent y-o-y plunge. The median existing
condo price saw an 11.9 percent y-o-y surge to $305,100 in December.
For 2021 as a whole, existing-home sales surged 8.5 percent y-o-y to
6.12 million, the highest annual level since 2006.