Home sales down in December

Home sales dropped 1 percent in December 2012, according to the National Association of Realtors, but home sales climbed 12.8 percent above the level seen in December 2011. 

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for December showing a decrease in sales with total home sales dropping 1.0% since November but climbing 12.8% above the level seen in December 2011. 

Single family home sales also declined falling 1.4% from November but still rising 11.5% above the level seen in December 2011 while the median selling price increased a notable 10.9% above the level seen a year earlier. 

Inventory of single family homes declined notably from November to 1.60 million units dropping 21.2% below the level seen in December 2011 which, along with the sales pace, resulted in a monthly supply of 4.4 months.