The National Association of Realtors is reporting that existing home sales were up 0.7% in December to a seasonally-adjusted annual rate of 6.76 million (up 22.2% from one year ago). Total housing inventory at the end of December was 1.07 million units, down 16.4% from November and down 23% from one year ago. Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace with properties remaining on the market for around 21 days. The median existing-home price for all housing types was $314,300, up 13.5% from December, 2019.
“Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic,” said Lawrence Yun, NAR’s chief economist. “What’s even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market.”