December Existing Home Sales
Posted by Ted C. Jones on January 24, 2011
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December Existing Home Sales Up 12.3 Percent Sequentially From November 2010 , But Off 2.9 Percent Year-Over-Year from December 2009 — Median Price Down 1 Percent (Basically Unchanged) From a Year Ago. While home sales continue to recover from the retreat seen at the expiration of the $8,000 homebuyer tax credit, it still remains below a more normal 5.5 to 5.75 million pace (on a seasonally adjusted annualized rate). The first graph below shows monthly changes. The second removes all of the seasonality by averaging the number per month for the prior 12 months. Good news is that the annualized average rate today has returned to the level seen prior to the tax credit for homebuyers. The third graph shows home prices, which other than a seasonality issue, appear to remain flat for the past two years.
