Existing-home sales snapped back solidly in December as more buyers reached the market before the end of the year, and the delayed closings resulting from the rollout of the Know Before You Owe initiative pushed a portion of November's would-be transactions into last month's figure, according to the National Association of Realtors®. Led by the South and West, all four major regions saw large increases in December.
Single-family home sales jumped 16.1 percent to a seasonally adjusted annual rate of 4.82 million in December from 4.15 million in November, and are now 7.1 percent higher than the 4.50 million pace a year ago. The median existing single-family home price was $226,000 in December, up 8.0 percent from December 2014.
Existing condominium and co-op sales increased 4.9 percent to a seasonally adjusted annual rate of 640,000 units in December from 610,000 in November, and are now 12.3 percent above December 2014 (570,000 units). The median existing condo price was $209,900 in December, which is 4.9 percent above a year ago.