Existing Home Inventory Hits Record Low

Posted To: MND NewsWire

Existing home sales finished out 2016 with a generally expected decline. Still, the National Association of Realtors® (NAR) said today that 2016 overall was the best year for existing home sales in a decade . Sales of existing single-family homes, townhomes, condominiums, and co-ops were at a seasonally adjusted rate of 5.49 million in December. This was down 2.8 percent from an upwardly revised (from 5.61 million) 5.65 million units in November. The month’s slide brought sales down to only 0.7 percent higher than they were a year ago compared to a 15.4 percent year-over-year increase in November. NAR estimated that sales for the year as a whole were 5.45 million units. This surpasses the 2015 total of 5.25 million and is the highest total since 2006 when sales reached 6.48 million. Analysts…(read more)

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