Bloomberg | Jan 22, 2020 10:26
(Bloomberg) -- Sales of previously owned U.S. homes jumped in December to the best pace in nearly two years as historically low interest rates continued to lure buyers despite record-low inventory.
Contract closings rose 3.6% from the prior month to a 5.54 million annual rate, according to National Association of Realtors data released Wednesday that exceeded all but one estimate in Bloomberg’s survey. The median sales price climbed 7.8% from a year earlier, the most since January 2016, to $274,500 as inventories declined for a seventh-straight month.
Looking across 2019, existing-home sales grew at a 5.34 million pace, the same as 2018.
“America is facing a dire housing shortage condition,” Lawrence Yun, NAR’s chief economist, said at a briefing in Washington. “We need to build more.”
Written By: Bloomberg
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