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Home sales down in December

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(Read caption) This chart shows national existing single family home sales since 2005. Total home sales dropping 1 percent since November 2012.

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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. 

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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.