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U.S. existing home sales hit 14-year high

Christian Fernsby |
Sales of existing homes in the United States rose 0.7 percent in December, pushing the entirety of 2020 to a pace not seen in 14 years.

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Topics: U.S.   

Rising sales in the final month of the year lifted activity to a seasonally adjusted annual rate of 6.76 million units in December, the National Association of Realtors (NAR) reported Friday.

For all of 2020, sales rose to 6.48 million, the highest total since 2006 at the height of the housing boom. That represented a 5.6 percent gain from the 5.34 million previously owned homes sold in 2019.

The median sales price was $309,800 in December, up 12.9 percent from a year ago.

“Expect economic conditions to improve with additional stimulus forthcoming and vaccine distribution already under way,” said Lawrence Yun, chief economist for the NAR.

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