According to new data released by the National Association of REALTORS® real estate transactions including single-family homes, townhomes, condominiums and co-ops, increased 3.6% from November to a seasonally-adjusted annual rate of 5.54 million in December. Additionally, overall sales took a significant bounce, up 10.8% from a year ago (5 million in December 2018).
Lawrence Yun, NAR’s chief economist, said home sales fluctuated a great deal last year. “I view 2019 as a neutral year for housing in terms of sales,” Yun said. “Low inventory remains a problem, with first-time buyers affected the most.”
The median existing-home price for all housing types in December was $274,500, up 7.8% from December 2018 ($254,700), as prices rose in every region. “Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth,” Yun said. “The hope is for price appreciation to slow in line with wage growth, which is about 3%.”
Single Family and Condo Sales
Single-family home sales sat at a seasonally-adjusted annual rate of 4.92 million in December, up 10.6% from a year ago. The median existing single-family home price was $276,900 in December 2019, up 8.0% from December 2018.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in December, 12.7% higher than a year ago. The median existing condo price was $255,400 in December, which is an increase of 6.0% from a year ago.
Existing-home sales in the South grew 5.4% to an annual rate of 2.36 million in December, up 12.4% from a year ago. The median price in the South was $240,500, a 6.7% increase from this time last year.