Home Sales Log Best Year Since ’06; Price Gains Cool; Rates Can’t Catch Break; Purchase Apps at 8yr High

Home Sales Log Best Year Since ’06; Price Gains Cool; Rates Can’t Catch Break; Purchase Apps at 8yr High

Despite a poor showing in December , existing home sales in 2017 were the best levels in 11 years. The National Association of Realtors® (NAR) said the finished with 5.51 million sales of existing single-family homes, townhomes, condos, and cooperative apartments. This edged out, by 1.1 percent, the 5.45 million sales in 2016 to have the highest number of transaction since 6.48 million were sold in 2006. In December, however home sales declined by 3.6 percent to a seasonally adjusted annual rate of 5.57 million and were 1.1 percent higher on an annual basis. November sales were revised down from 5.81 million to 5.78 million. Many analysts had expected a decline in December, although not one so large. Estimates from those polled by Econoday ranged from 5.50 million to 5.90 million units