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Despite the global pandemic, or perhaps because of it, home sales clocked their best year since 2006.

Homes Sales Increased

The annual pace of existing home sales in December increased to 6.76 million, seasonally adjusted, up 0.7 percent from November and 22 percent year-over-year, according to the National Association of Realtors’ monthly report.

It was a strong finish to a year that saw 5.64 million existing homes change hands, up 5.6 percent from 2019 to the highest level since 2006. Residential construction also posted the busiest year since 2006, though homebuilder confidence has begun to wane over the past two months despite record low levels of housing inventory.

Inventory Homes Sale Inventory Down

The supply of existing homes for sale hit another historic low with 1.07 million units on the market. At the current sales pace, those homes will be sold within 1.9 months. Seventy percent of homes sold in December were listed for less than a month.

Will the Real Estate Trends Continue?

There have been some indications of homebuyers pulling back. Pending home sales, an indicator of future sales, dropped month-over-month in SeptemberOctober and November. Existing sales fell in November, the first time since June that sales didn’t grow month-over-month.

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