Defying the normal trend, home sales in December rose above the number of November sales by a significant 14.4%, according to the January RE/MAX National Housing Report. Sales were also 3.9% above those of last December. Although home sales have generally been lower in 2014 than 2013, three of the last four months have experienced sales higher than the same month last year. Home prices in December were also higher than one year ago, rising 5.9%. Inventory continues to be constrained, with 10.7% fewer homes for sale than last December. As a result, the Months Supply of inventory rose to 5.7 on a scale where 6.0 indicates a market balanced equally between buyers and sellers.
The above is an excerpt from the monthly RE/MAX National Housing Report. Read the full two-page report.
