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Existing Home Sales Report
Sales of existing homes in December made a noticeable comeback partly owing to delayed closings after the launch of the "Know Before You Owe" initiative. This pushed a portion of November's transactions into December, according to the National Association of Realtors® (NAR). Each of the nation's four major regions saw gains in December.
Total existing-home sales (comprising transactions for single-family homes, townhomes, condominiums and co-ops) grew 14.7 percent to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November. Following last month's uptick (the largest monthly increase ever recorded), sales now sit 7.7 percent above a year ago.
NAR's chief economist Lawrence Yun indicated that December's striking growth finished off the best year of existing sales (5.26 million) since 2006 (6.48 million). Yun noted, "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." NAR's economist added, "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."
Housing Data Takeaways
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