Home sales down in December(Read article summary)
Home sales dropped 1 percent in December 2012, according to the National Association of Realtors, but home sales climbed 12.8 percent above the level seen in December 2011.
Today, the¬†National Association of Realtors¬†(NAR) released their¬†Existing Home Sales Report for¬†December showing a decrease in sales with total home sales dropping 1.0% since November but climbing 12.8% above the level seen in December 2011.¬†
Single family home sales also declined falling 1.4% from November but still rising 11.5% above the level seen in December 2011 while the median selling price increased a notable 10.9% above the level seen a year earlier.¬†
Inventory of single family homes declined notably from November to 1.60 million units dropping 21.2% below the level seen in December 2011 which, along with the sales pace, resulted in a monthly supply of 4.4 months.¬†