On January 24, 2017, National Association of Realtors® (NAR) reported that nationwide existing home sales dropped 2.8% to annual rate of 5.49 million homes in December of 2016 from 5.65 million homes in November of 2016, but higher 0.7% from December of 2015.
There were 1.65 million homes supplies of available inventory in December of 2016 lower 10.8% from November of 2016, and declined 6.3% of 1.76 million homes from December of 2015; while, there were 3.6 months available inventory in December of 2016 compare to 3.9 months in December of 2016. On average it took 52 days in December 2016, up from 43 days in November of 2016, but declined from the 58 days in December 2015.
First time buyers acquired 32.0% of homes in December of 2016, same as from 32.0% in November of 2016, and from 32.0% in December of 2015. Cash buyers purchased 21.0% of all sales in December of 2016, similar from 21.0% in November of 2016, and decreased from 24.0% in December of 2015. Investors purchased 15.0% of homes in December of 2016, gained from 12.0% in November of 2016, but same as from 15.0% in December of 2015, according to Adam DeSanctis of www.realtors.org on January 24, 2017.
Lawrence Yun, NAR chief economist, stated "Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market," he said. "However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in
December."
For more complete information, on NAR's December 2016 existing home sales report, please CLICK HERE
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