Skip to main content

NAR: Existing Home Sales Up

Phil Hall
Jan 22, 2020
Photo credit: Getty Images/Jeff Manes

The total volume of existing home sales increased 3.6 percent from November to December, reaching 5.54 million transactions, according to data from the National Association of Realtors (NAR). On a year-over-year basis, sales were up by 10.8 percent from five million in December 2018.
 
The median existing-home price for all housing types in December was $274,500, up 7.8 percent from $254,700 one year earlier. This marked the 94th straight month of year-over-year gains. First-time buyers were responsible for 31 percent of sales in December, slightly below the 32 percent level in the previous month and one year earlier.
 
Total housing inventory at the end of December totaled 1.40 million units, down by 14.6 percent from the previous month and down by 8.5 percent from one year ago. Unsold inventory sat at a three-month supply at the current sales pace, down from the 3.7-month figure recorded in both November 2019 and December 2018. Unsold inventory totals have been in decline for seven consecutive months from year-ago levels.
 
“Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth,” said Lawrence Yun, NAR’s chief economist. “The hope is for price appreciation to slow in line with wage growth, which is about three percent.”
 
Mortgage Bankers Association (MBA) SVP and Chief Economist Mike Fratantoni said: “Typically, the inventory of homes on the market drops at the end of the year. However, the supply of existing homes is now at a record low, and this will constrain the pace of sales this spring from being even stronger. However, the recent gains in new home construction is a positive, as the total inventory on the market will allow prospective buyers to find properties.”

 
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021