Dive summary:
- The National Association of Realtors reported that existing-home sales in December went down 1% to a seasonally adjusted annual rate of 4.94 million from 4.99 million in November, but the year was up overall to a five-year high, and prices for the year rose the most in seven years.
- Taken together, the numbers suggest that the inventory of existing homes is shrinking, which turns buyers toward new homes if they cannot find an existing home they want.
- The rising demand comes at a time when economists for UBS say more people who have been living at home or with roommates in apartments are going to venture into the housing market.
From the article:
CoreLogic estimates an October supply of 2.3 million homes that could potentially go on the market, down 12.3% from year-ago levels. ...