U.S. Home Sales Strong

Existing-home sales in the U.S. rose in December, with home sales in 2020 reaching their highest level since 2006, says the National Association of Realtors (NAR). Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums, and co-ops, increased 0.7 per cent from November to a seasonally-adjusted annual rate of 6.76 million in December. Sales in total rose year-over-year, up 22.2 per cent from a year ago (5.53 million in December 2019). "Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic," says Lawrence Yun, NAR's chief economist. "What's even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market." Total housing inventory at the end of December totalled 1.07 million units, down 16.4 per cent from November and down 23 per cent from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the three-month.