U.S. existing home sales rose 0.7% from November to a seasonally-adjusted annual rate of 6.76 million in December, according to National Association of Realtors press release. The existing home sales totaled 5.64 million in 2020, up 5.6% from 2019, the most since 2006
- Total home sales rose 22.2% year over year from 5.53 million in December 2019
- The median existing-home sales price was $309,800, up 12.9% from a year ago.
- Housing inventory shrink 16.4% from November to 1.07 million and down 23% from a year ago.
- Unsold inventory hit an all-time low of 1.9-month supply, down from 2.3 months in November and below the 3.0-month figure in December 2019
- First-time buyers accounted for 31% of sales in December, the same as 2019 but down 32% from November 2020.
- Home sales momentum is projected to carry into 2021 as more buyers expect to enter the market.
- Home sales is likely to be supported by low mortgage rates which are expected to hover near record lows of around 3%”
- Additional stimulus and vaccine distribution is also likely to support home sales.
SPDR S&P Homebuilders ETF is currently gaining. XHB is up 0.047%
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