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Housing Market Continues to Lead the Way!
The U.S. housing market continues to be a stronghold for the economy as positive data hit the airwaves. The National Association of REALTORS® (NAR) reports that Existing Home Sales in December rose 0.7% to an annual rate of 6.760,000 units, above the 6,500,000 expected. Sales were up 22% from December 2019 while. Sales across the four major U.S. regions were mixed. The NAR also said 31% of total sales were made up of first-time home buyers which were unchanged from December 2019 but down 32% from November 2020.
The downside to the Existing Home Sales report showed that housing inventories plunged 23% year over year, fell 16% monthly and are at an all-time inventory low of 1.9 months. The median home price in December was $309,800, up 12.9% 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."
The U.S. financial markets are ending the holiday-shortened week on a quiet note with stock and bond prices unchanged ... more
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