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All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

Annual Existing Home Sales Hit 6.76 Million in December

The National Association of Realtors (NAR) has released a summary of data on existing home sales and that measure further proved that 2020 was a great year for housing. According to the report, the annual pace rose to 6.76 million – the highest level since 2006. This number is 22.2% higher than it was in December of 2019. 

The national median existing home (for all housing types) price rose to $309,800 in December – up 12.9% in 2019, when it was $274,500. It is worth noting that as prices continue to rise, his is the 106th consecutive month of year-over-year gains according to the NAR. The data continues to impress when looked at regionally as well. All four areas of the country had double-digit grow. Northeast led the pack with a gain of 19%, with the West at 14.2%. The Midwest experienced a 13.7% increase in median existing home prices, with the South seeing the smallest gain with 11.3% from December of last year. 

Courtesy of the National Association of Realtors

While prices kept climbing, existing housing inventory levels kept dropping nationwide. December’s level was 16.4% lower than that of November of 2020 – and 23% lower than in December 2019 per NAR. December’s data marks a 19th straight month of year-over-year declines. Time on the market also shrunk – the average is currently 21 days, as opposed to 41 days a year ago. We urge you to check out the report in its entirety here

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