Homes Sales Fell in December; Condo Market May Falter

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Homes Sales Fell in December;
Condo Market May Falter

By Joi Preciphs

Sales of existing homes fell in December to their lowest level in three months, but they still set a record for the year.

The National Association of Realtors said nationwide sales of previously owned homes fell 5.7% to an annual rate of 6.60 million last month from November's revised annual rate of 7.0 million. Analysts had projected a 6.87 million sales rate in the existing-home market, which includes single-family residences, condominiums, townhomes and co-ops.

The national median price for existing homes of all types in December was $211,000, down from an unrevised $215,000 in November, but up 10.5% from December 2004. The inventory of homes on the market increased slightly to a 5.1 months' supply last month, compared with 5.0 months in November.

The pattern was mixed regionally, with sales falling 11.4% in the West, 7.2% in the South, and 2.6% in the Midwest. Sales in the Northeast were unchanged.

-- January 27, 2006

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