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.
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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