US Dec existing home sales down 0.8 pct to 6.22 mln units UPDATE |
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Thu, 25 Jan 2007 17:01
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(Updating to add details)WASHINGTON (AFX) - US existing home sales fell in December for the first time since September, while sales for the entire year fell by the largest amount in 17 years, the National Association of Realtors said today.Existing home sales fell by 0.8 pct to 6.22 mln units in December from November's revised 6.27 mln units.Economists had expected about 6.30 mln units in December.For the year, sales fell 8.4 pct, the largest annual decline since 1989, when sales fell 14.8 pct.The median price of all existing homes was 222,000 usd, unchanged from December 2005. That's the first time prices have not fallen in four months.'With fingers and toes crossed, it appears we have hit bottom in the housing market,' said David Lereah, the NAR's chief economist.The inventory of unsold homes in December fell 7.9 pct to 3.51 mln units. At the current sales pace, it would take 6.8 months for those homes to be sold.Lereah pointed to the declining inventories as one reason for his optimism. He said he expects sales in 2007 to gradually increase, but will still end the year at a level below the end of 2006.newsdesk@afxnews.comtfn-was-cbd/cbd/ppCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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US Dec existing home sales down 0.8 pct to 6.22 mln units vs 6.30 mln expected 