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Existing-home sales tally banner year after 12 months of epic demand


A staggering 6.12 million existing homes changed hands in 2021, hitting a stratospheric high not seen since 2006, according to data released Thursday by the National Association of Realtors. Existing-home sales soared 8.5 percent from 2020, itself a year that experienced unprecedented demand that few at the time predicted would be repeated. For the month of December, existing-home sales decreased 4.6 percent from November to a seasonally adjusted annual rate of 6.18 million in December, the real estate trade organization reported. Existing-home sales dropped 7.1 percent in December 2021 compared to December 2020, according to NAR. However, that month-over-month dent in sales was a reflection of inventory setbacks, not a change in course, NAR Chief Economist Lawrence Yun said. “December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing,” Yun said in a statement. “Sales for the entire year finished strong, reaching the highest annual level since 2006.” Source: Inman

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