A decline in home prices boosted national housing sales in December. Existing home sales rose 6.5% in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3% to $175,400 from $207,000 a year ago. The decline is the largest year-over-year drop in records going back to 1968. The report, from the National Association of Realtors stirred hopes that lower prices and falling interest rates are helping eat away at a glut of homes with “for sale” signs. “Buyers will continue to have an edge over sellers for the foreseeable future,” NAR economist Lawrence Yun says.
Home sales increase nationally in December
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