Sales of existing homes
rose 5.2 percent in December as the lowest mortgage rates in four
decades fueled a record year for the industry.
The median home price staged the biggest increase since 1980,
rising 7.1 percent from the previous December to $164,000, the
National Association of Realtors said. Existing homes sold at a
5.86 million-unit annual rate for the month, the fastest in 10
months.
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“The booming housing market has kept the economy on a more
even keel,” said Joseph LaVorgna, an economist at Deutsche Bank
Securities “Until interest rates increase by an appreciable
amount, housing activity is likely to be an outperformer.” Last
month 30-year mortgage rates fell as low as 5.93 percent.
Homebuyers stimulate the economy by spending on furnishings
and home improvements, and robust resales also encourage new-home
construction that helps makers of building materials.
Bloomberg News
